M&A

Intact financed the acquisition of the US builders risk portfolio through a $188mn term loan that was repaid before quarter-end, according to its Q3 statements.

The transaction marks another step in the broker’s acquisition spree this year, including the $1.85bn GRP deal – closed on July 1 – and the $487mn takeover of MGA Orchid.

The two sides have been in bilateral discussions since June, with a view to CPPIB achieving liquidity on its investment.

The company, valued at $23bn in May, intends to use the facility to fund future acquisitions and related fees and expenses.

The Canadian holding company increased its ownership in the Bermudian carrier to 82.9% from 70.9%.

New owner AUB expects the acquisition to deliver A$25mn in synergies.

Spectrum Risk Management will rebrand as Nexus as part of the transaction.

The process has been narrowed, with parties including Catalina and Premia not going forward.

The Chinese conglomerate was downgraded by Moody’s this week and faces liquidity pressure.

The investors have also purchased MGA service company Precision Partnership, and the firms’ leaderships will be combined.

The legacy specialist has made its second foray into medical professional liability.

Often regarded as the destination for tech start-ups, IPOs no longer have the same attraction for UK InsurTechs, due to market volatility and the performance of their listed US counterparts.