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The construction book will be absorbed into Intact Specialty, with the carrier providing the paper for the newly purchased book. -
The acquisition is the seventh for BMS in the past two years.
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Market dislocation and macroeconomic disruption were listed as the second and third most prominent risks, with the economic environment as a key concern.
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The price is a 14% premium on yesterday’s close but substantially below the price that Brickell offered to take the firm private.
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The settlement is a “contribution towards costs” from R&Q to Brickell but not an “admission of liability by either party”.
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If you believe that the Lloyd's market has turned around its fortunes, it’s a buyers’ market on Lime Street.
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There is much to like in the transaction, but a strategy based on serial mega deals elevates the group’s risk profile.
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The executive had been CEO of Tiger’s London office since 2019.
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After securing a $1.6bn deal to acquire TigerRisk, Howden said the transaction will create a “much-needed fourth global player” in reinsurance.
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The firm, which has backing from CDPQ, General Atlantic and Hg, has spent $4.8bn across four deals in under two years.
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This publication first revealed that the two parties were working on the deal last month.
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Together, the businesses place more than $80mn in gross premium per year.
