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The former Chubb exec will remain on the board as an independent director, along with president and CEO Jacques Bonneau. -
The French mutual’s CEO Thierry Derez and chief of staff Sylvestre Frezal said the deal is a strategic move to adapt to new forms of risk.
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The move to sell comes amid heightened interest in European broking assets.
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Lead specialises in hull, war risks and protection and indemnity insurance.
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It is understood that the carrier, which is currently going through a sale process, is being advised by TigerRisk.
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The board retained Goldman Sachs to advise in April, and the investment bank has been running a sales process.
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Clear Group management Mike Edgeley and Howard Lickens will remain with the company.
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Innovu’s leadership will report to Gallagher’s Michael Rea.
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Private equity interest in the sector will continue to drive deals, the company said.
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Sources have pointed to a deal multiple in excess of £360mn for the UK retailer.
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The existing Russell Scanlan management team will continue to run the business.
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Elliott Management, the other key suitor for the business, is understood to have dropped out of the auction.
