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The executive – who is working with former colleague Mayur Patel – has retained JP Morgan to advise on the raise. -
This is not the first time BE Group has shown interest in acquiring the Belgian carrier.
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The business has approached US strategic bidders including large MGAs and brokers about a deal.
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Affinity will maintain its current brand and management team.
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The Boston-headquartered mutual is understood to have recently pitched potential acquirers of the LatAm assets.
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The broker’s staff and infrastructure will transfer into BMS’ existing Australian business
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At least $7.8bn in reserves was transferred from the live market to legacy carriers last year, with Enstar the leading acquirer.
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Enstar is conducting due diligence around taking on the rest of the Argo back book.
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The deal propels Howden to become the fourth-largest global reinsurance broker.
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The business has also agreed to buy Glasgow-based trade credit broker Linda Scott.
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Ambridge was founded 22 years ago by Jess Pryor, executive chairman, and Jeff Cowhey, CEO, who will continue to lead the company after the deal has completed.
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The pair have acquired an MSA subsidiary that holds product liability claims for exposure to harmful substances.
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