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Betaville reported that Ageas is working with bankers at NM Rothschild on a “defence” mandate ahead of potential takeover interest. -
Talks are focused on sourcing new investment to come in alongside that from current backers Preservation Capital Partners and British Columbia Investment.
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The business is predicted to write $1.4bn this year.
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The broker specialises in a broad range of marine coverage in the Pacific region.
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News that the private equity house was preparing to bring the broker to market was revealed by Insurance Insider in June.
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The carrier is reportedly looking to sell its operations in Spain, Portugal and Ireland.
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The Envest transaction includes the acquisition of Aviso Group, a network of broking offices across five states and 10 MGAs.
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Prior to approval, the commercial carrier owned 47.3% of the Chinese insurance group.
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The transaction would have involved a partnership with Mosaic and a managing agent sale.
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Following the deal, Insight Re founder and CEO Guillermo Eslava will become Ocean Re CEO in Q2 2023, succeeding Carlos Chamorro.
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Even without the uncertainty of an imminent takeover, the path ahead will not be easy for Ascot.
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Plus the latest executive moves and all the top stories of the week.
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