M&A

The completion of the deal comes after last week the companies received all regulatory approvals.

Bobman said the board of directors “demonstrated poor judgment” by approving the recruitment of Jessica Snyder as president of Argo’s US insurance division.

Axa plans to acquire the Spanish insurer for a cash consideration of EUR31mn.

Names voted overwhelmingly in favour of the combination.

After a widespread drop in InsurTech funding, all signs point to a period of M&A among InsurTechs either struggling to raise funding or seeking a partnership with an incumbent.

Innovation Group specialises in business process and claims management solutions and will continue to operate independently.

A broader approach to deal structure leaves room open for a private firm to reverse into the company to go public.

The JC Flowers-backed broker has built up an international presence since foundation in 2018.

The acquisition marks the third in France in recent months after Howden acquired C.R.F. Conseils and Théorème earlier in the year.

The transaction will bring a $250mn GWP broker with multiple brands and international footprint into the group.

The Dutch broker will continue to operate independently as part of the Ardonagh Group, led by Sunny and Nico Léons.

AUB chief Mike Emmett says the deal is “strategically aligned and financial compelling”.