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The carrier has retained advisers to run the sale process of the unit, which is valued at over $330mn, according to Bloomberg News. -
Sources said the executive had a minority ownership interest believed to be around 20%-30% of the operation.
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The broking CEO set out the London wholesaler’s growth strategy a year on from the AUB takeover announcement.
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The companies expect to complete the transaction in the second half of the year, subject to regulatory approvals and customary closing conditions.
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With the deal, the Canadian conglomerate will boost its ownership interest in the Middle East carrier to 90%.
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The broker said competitive conditions made it an “optimal time” for insurance buyers.
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The acquisition comes less than a week after Ardonagh agreed to acquire Dutch specialist commercial lines broker Klap.
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Sources said BlueChip NY-based managing directors Chris Opisso, Jon Sprintz and Jason Tomitz will join Volante to run the unit.
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Details of the bids are being closely guarded, but sources said they expected a valuation of $400mn or above if a deal is consummated.
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Shares, which have long underperformed, were trading up 13% following the regulatory announcement.
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The acquisition comes after Ardonagh entered the Netherlands market in October 2022 through the purchase of Léons Group.
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Insurance Insider previously reported that Nexus was acquiring a majority stake in the Dubai MGA.
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