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Recent contingency losses reflect a willingness of the market to go looking for premiums. -
The BMC-IBM judgment was insured for about $700mn on a heavily co-insured tower of around $1bn.
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Sources said the broker will seek to become a super independent with an international specialty footprint.
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The acquisition brings international M&A opportunities and a pipeline of London wholesale business.
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The vehicle will give the legacy carrier a US platform.
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This is not the first pulled strategic process in the adjusting, and broader claims services, sector in recent months.
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Paragon co-CEOs James Kalbassi and Tara Falk will become Ardonagh shareholders.
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The buyer intends to fund the transaction with approximately 50% equity and 50% debt.
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The consideration in this deal will also include $2.2mn of Ryan Specialty Class A common stock.
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The broker had been vying with Marsh McLennan and AJ Gallagher.
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M&A activity between 2012 and 2022 garnered long-term returns essentially equal to the relevant market index.
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The 100% equity award will vest in full after five years.
