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The deferred structure – and the uncertainty around the size of the pay-outs – will create risk around talent flight for the London wholesaler. -
The deal marks Howden’s first acquisition in country since appointing Nicolas Aubert as CEO in February.
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The UK and Ireland saw the most deals, with a total of 62 transactions being completed in the second quarter of 2022.
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The transaction between the two parties closed last week following a lengthy saga.
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The Goldman Sachs-run process drew limited interest and does not offer a path to takeout at a premium valuation.
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Three weeks past what was billed as the final bid deadline, the PE house and owner CPPIB are still engaged in work to get a transaction to the finish line.
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Suncorp said it would focus on its insurance business, following the closure of the deal.
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The Copenhagen-based coverholder writes a variety of niche insurance lines including M&A and renewable energy.
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The former Chubb exec will remain on the board as an independent director, along with president and CEO Jacques Bonneau.
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The French mutual’s CEO Thierry Derez and chief of staff Sylvestre Frezal said the deal is a strategic move to adapt to new forms of risk.
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The move to sell comes amid heightened interest in European broking assets.
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Lead specialises in hull, war risks and protection and indemnity insurance.
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