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The transaction is expected to close in the fourth quarter, subject to regulatory approvals. Financial details were not disclosed. -
The deal represents RenRe’s third Bermuda consolidation deal following Platinum and TMR.
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The portfolio comprises of large deductible and guaranteed-cost workers’ compensation policies.
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Investment bank Macquarie has been retained to advise the legacy firm on the disposals.
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Tysers Retail Limited was established as a separate entity in the wake of AUB’s acquisition of the broker.
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Howden Tiger is advising the Bermudian as it seeks to realize value from its portfolio and simplify its story for investors.
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The PE firm also invests in Markerstudy and previously backed broker Specialist Risk Group.
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Loeb revealed his intention to take SiriusPoint private last month, saying that it would better position the company to execute its turnaround strategy.
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The transaction, which was announced in early January, included Ambridge’s operations in the US, UK and Germany.
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The non-catastrophe ILS platform hit a valuation of $1bn after a Series C funding round.
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The deal would create a consumer distribution behemoth with more than £200mn of Ebitda.
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Following the deal, Jose Otavio Sampaio will continue as Lockton Brazil CEO while THB Brazil CEO Eduardo Lucena will become deputy CEO of the combined entity.
