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The Belgian carrier lodged a takeover bid in January. -
The broker had recently received “multiple strategic approaches”.
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James River sued Fleming yesterday to enforce the $277mn sale of its casualty re unit.
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Fleming has claimed breach of contract and is seeking roughly $78mn in “economic concessions”.
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The broker aimed to secure better terms and borrow more from public lenders.
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Aviva will need to manage the talent base deftly to get the most from the deal.
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Lloyd’s is now an attractive environment for entrepreneurs, the CEO said.
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The carrier has been looking to enter the Lloyd’s market since 2021.
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Direct Line’s board said it received the offer on 19 January and rejected it on 29 January.
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Ryan entered into a £200mn currency forward to manage the appreciation risk of the Castel deal.
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The Lloyd’s legacy business has been placed up for sale, along with other units.
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Direct Line's shares surged by 28% following the confirmation.
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