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The adjourned meeting will take place on May 23, where shareholders will vote on a deal which would see Brickell pay £482mn to acquire R&Q. -
It is understood that Gallagher dropped out of the race weeks ago as the company lost interest in the Peruvian retail broker.
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The carrier said the acquisition would support its ambition to become the market leader in the high net worth personal lines market.
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The potential deal has major advantages for both Howden and its target – and would remove a major consolidation opportunity from the market.
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A takeover would boost Howden’s burgeoning reinsurance portfolio.
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The business specialises in transport, port and logistics risks.
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Axis Capital had emphasized insurance growth and reinsurance remediation in recent earnings calls, but the top line remains below $10bn.
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The sale process is in the early stages of marketing, and bids are expected later in May.
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Plus the latest company results, people moves and all the top news of the week.
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The Bermudian has painted its reinsurance unit in an unfavourable light – and that will be hard to counter.
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Many hybrids, unless they are willing to take a meaningful financial hit to secure a divestiture, will have to stick with their reinsurance businesses through the current cycle.
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The deal provides Tysers with much needed stability and a firmer footing from which to tackle its challenges.
