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Other bidders included France's Groupama and Italy's Itas. -
Clear Blue has put its sales process on hold as the fronting company assesses the implications of Vesttoo’s collateral inconsistencies, this publication has learned.
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The vehicle will focus on middle-market transactions in the US and Europe across the insurance value chain.
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The two firms held serious talks last year but were unable to get a deal to the line due to a valuation mismatch.
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The acquisition is led by former Capsicum and Guy Carpenter fac broker Márcio Ribeiro.
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Sources said parties inquiring about Sura’s operation in El Salvador include ASSA and Ficohsa, two of the largest carriers in the region.
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The deal marks Clear’s second commercial MGA deal after it acquired a 50% stake in Thomond Underwriting Limited earlier this month.
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The move is part of NBS's goal to double its size within the next five years through organic growth and acquisitions.
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Axa’s lack of success in selling its more volatile XL Re segment has led the insurer to cut back on those lines, but the current rate environment makes this a good time to revisit a sale.
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The company has pivoted its original plans for a reverse acquisition and is targeting becoming a listed Lloyd’s vehicle, with £130mn redeemed as it extended its deal-making deadline.
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The company’s offer of 62.5p per £1 of capacity is above an independent valuation of 45p, as further details emerged on changes to the syndicate’s business plan.
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It didn’t take long after the Validus-RenRe deal for the next possible reinsurance consolidation target to emerge.
