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The consideration represents a 48.7% premium to Argo’s share price before the sale of its Lloyd’s business. -
The in-coming CEO must ensure a smooth transition, land the “London-out strategy” started by Brooks, and handle CPPIB’s exit.
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The New York-listed carrier has completed its $125mn deal.
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It is understood that the circa £30mn-premium Roberts Armytage & Partners has a staff base of around 20.
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The executive – who is working with former colleague Mayur Patel – has retained JP Morgan to advise on the raise.
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This is not the first time BE Group has shown interest in acquiring the Belgian carrier.
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The business has approached US strategic bidders including large MGAs and brokers about a deal.
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Affinity will maintain its current brand and management team.
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The Boston-headquartered mutual is understood to have recently pitched potential acquirers of the LatAm assets.
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The broker’s staff and infrastructure will transfer into BMS’ existing Australian business
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At least $7.8bn in reserves was transferred from the live market to legacy carriers last year, with Enstar the leading acquirer.
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Enstar is conducting due diligence around taking on the rest of the Argo back book.
