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Sources said the fronting carrier is expecting to seal a deal in early 2024 as its strategic process pivots from a full sale. -
The business was absorbed into AGCS from the former Fireman’s Fund portfolio.
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It is understood the MGA will run a restricted process, but owners are open-minded on counterparties.
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The specialist MGA was launched in February 2019 by former Aspen active underwriter Ed Beckwith in collaboration with former Pembroke head of tax Tom Cartwright.
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Gulf insurers have borne the brunt of reinsurance rate corrections in the past couple of years, but a different, albeit similar market segment is emerging as a focus for concern ahead of this year’s 1 January renewal.
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Talanx, Groupama and Itas had shown interest in the P&C business.
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BP Marsh will receive a £51.5mn cash consideration from the sale of its 18.7% shareholding in in the company.
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Despite an upswing in deal activity, large deals have continued to see a steady decline in volume that began in 2021.
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Shares have slid back since a mid-morning peak of around 10% above the prior close.
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The period had a 35% increase in private equity activity, directly and through portfolio companies.
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The carrier has received approval from the UK Financial Conduct Authority for the £550mn sale.
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The executive said the broker was primed to take advantage of sector tailwinds, and continue attracting talent.
