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A $90mn capital charge relating to the former Ace run-off asbestos book is a bear signal for the wider legacy market.
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The Killarney-based broker places more than EUR60mn in premium annually.
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The company will now have 15 months from admission to the LSE to complete a merger.
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The London market wholesaler stands to gain a variety of benefits from a possible Australian owner.
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Odyssey began preparing Tysers for sale in May 2021 and launched a formal auction for it in June 2021.
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The independent broker has an end to its long search for a new owner in sight.
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The deal will also provide $100mn in new equity funding to the legacy carrier.
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Neosurance will use the investment to advance product development and accelerate international growth plans.
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The majority of BLM’s lawyers will join Clyde & Co’s casualty insurance practice as part of the deal.
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If you only read a handful of articles this week, make it the selection below.
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The payment comes on top of an original consideration of $9bn.
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The firm ranks among the three largest retailers in Peru, and talks come amidst a pick-up in M&A in Latin America.