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The private equity firm took the intermediary private in a deal struck in 2018. -
The insurer will take a EUR400mn hit by selling the stake in its Russian outfit.
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Sources indicated talks have been conducted using an adjusted Ebitda figure for TigerRisk of around $85mn-$90mn, which is far higher than previously thought.
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The review follows the move by Brickell to terminate its acquisition plans, as AM Best noted an expected 2021 loss for R&Q of $135mn-$145mn.
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The merger of the two clubs, announced in March, will form one of the largest mutuals in the sector.
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Plus latest people moves and all the top news of the week.
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The company must launch a $100mn placement against the backdrop of a failed takeover deal and a 40% share price collapse.
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The broker noted that its leadership team in India remains unchanged following the increase in its shareholding from 49%.
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It is understood that the highest bidder was a consortium formed by Fortitude and Global Atlantic.
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A number of carriers are looking to offload their volatile reinsurance units. Could an ambitious investor knit them together?
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Randall & Quilter (R&Q) has received a letter from Brickell PC Insurance Holdings advising it that it is “in breach of certain obligations” under the terms of its takeover agreement.
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The second-round bid deadline is understood to be at the end of June, with another round of management meetings next week.
