M&A

Verisk said the deal will expand its data and technology solutions for straight-through processing and distribution to a growing market of SME brokers, coverholders and MGAs.

Talanx said the transaction will make the company the third-largest P&C insurer in Latin America.

In reality, there are three credible buyers for the ~EUR200mn-book-value Darag – Riverstone, Enstar or Premia.

Sources said the (re)insurer held an equity interest of approximately 20% in the Miami-based MGA.

The transaction will coincide with a CEO succession as Karl Wall hands the reins to M&A head Tom Nichols.

The carrier intends to use the cash raised as part of its consideration for Validus.

The deal is the third scale-up buyout for the firm, highlighting the ongoing value of scale in the reinsurance segment.

The US retailer’s acquisition of the UK MGA and broking group will be mutually beneficial, according to executives.

The deal is not predicted to have a long-term impact on RenRe’s financial leverage, AM Best said.

The takeover will push it up two places to rank as the fifth-largest writer of P&C reinsurance by gross premium.

The deal represents a 3.41x money multiple for Kentro Capital’s largest single investor.

The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.