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Loeb revealed his intention to take SiriusPoint private last month, saying that it would better position the company to execute its turnaround strategy. -
The transaction, which was announced in early January, included Ambridge’s operations in the US, UK and Germany.
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The non-catastrophe ILS platform hit a valuation of $1bn after a Series C funding round.
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The deal would create a consumer distribution behemoth with more than £200mn of Ebitda.
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Following the deal, Jose Otavio Sampaio will continue as Lockton Brazil CEO while THB Brazil CEO Eduardo Lucena will become deputy CEO of the combined entity.
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In early January, the company completed the transactions to increase its position in Huatai to 64.2% from 47.3%.
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The deal is the expansive broker’s first MGA acquisition in the country.
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The funding from BP Marsh has enabled a management buyout from Castel Underwriting Agencies, with the management owning the remaining 65% of Verve.
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The CEO also said Gallagher Re posted a 12% organic revenue growth in Q1 amid the current hardening of the reinsurance market.
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Shares were trading down 6% following the publication of the broker’s Q1 results.
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The wholesaler’s new chief said owners Cinven and GIC have “long-term ambitions” for Miller now it has “regained its mojo”.
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The brokerage, which is majority owned by PE house EMZ, is being advised by Lincoln International.
