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The deal values Ardonagh’s UK personal lines business at around £1.2bn and creates a business with millions of customers. -
The private equity firm is targeting $1trn in assets under management for the combined segment.
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The exit is part of a strategy to simplify the company's geographic footprint following the international disposal programme completed in 2021.
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Our virtual roundtable polled senior industry figures on the biggest questions facing the reinsurance industry. Today, we look ahead to the influences steering M&A market conditions.
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The business generated written premiums of £530mn in 2022 and had an average combined ratio of 96% across 2021 and 2022.
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The two parametric businesses will be brought together as the UK and German governments sell out.
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The news comes two months after this publication revealed that UIB was exploring the acquisition of the Lima-based aviation-focused reinsurance intermediary.
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The breakdown of discussions that had been expected to yield a deal leave the ownership of Ash Bathia’s Lloyd’s business in question.
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It is understood that the three firms are in the late stages of the process, with a September deal targeted.
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The company has narrowed the pool of potential US targets to acquire from six to two and expects to provide more details in coming weeks.
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On completion, Honan CEO Fluitsma will report to Marsh Pacific CEO Nick Harris.
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The deal comes after this publication revealed that Sura’s sale of its Salvadorean unit had drawn the interest of regional carriers Ficohsa and ASSA.
