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The deal price represents 1.16x tangible book value. -
The deal is Cinven’s third recent P&C insurance investment.
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Bowood managing director Stephen Greener will chair the entity, which is to place $6bn in GWP.
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The move follows the launch of the group’s consolidated retail and London market segments.
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A signed deal would end a roughly three-year hiatus for significant strategic balance sheet M&A at Lloyd’s.
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A sale of the managing agency and Syndicate 1200 would represent tangible progress in Argo’s strategic process.
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The transaction will mark Sompo International’s full withdrawal from the Lloyd’s market.
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The transaction will eliminate Enstar’s direct exposure to cat business and boost its book value.
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Private equity interest remains buoyant while InsurTech enthusiasm dims.
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Montague Risk Partners – launched in December of last year – provides private investment into insurance MGAs and other insurance-related businesses.
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The deal comes a year and a half after the Canadian conglomerate sold the European unit of RiverStone to private equity firm CVC for $750mn.
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The acquisition will enable the Japanese carrier to expand further into the US and across a host of insurance lines, including property and marine.
