M&A

The Chinese conglomerate was downgraded by Moody’s this week and faces liquidity pressure.

The investors have also purchased MGA service company Precision Partnership, and the firms’ leaderships will be combined.

The legacy specialist has made its second foray into medical professional liability.

Often regarded as the destination for tech start-ups, IPOs no longer have the same attraction for UK InsurTechs, due to market volatility and the performance of their listed US counterparts.

The completion of the deal comes after last week the companies received all regulatory approvals.

Bobman said the board of directors “demonstrated poor judgment” by approving the recruitment of Jessica Snyder as president of Argo’s US insurance division.

Axa plans to acquire the Spanish insurer for a cash consideration of EUR31mn.

Names voted overwhelmingly in favour of the combination.

After a widespread drop in InsurTech funding, all signs point to a period of M&A among InsurTechs either struggling to raise funding or seeking a partnership with an incumbent.

Innovation Group specialises in business process and claims management solutions and will continue to operate independently.

A broader approach to deal structure leaves room open for a private firm to reverse into the company to go public.

The JC Flowers-backed broker has built up an international presence since foundation in 2018.