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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. -
The two former Agora department heads have left IQUW after less than six months at the syndicate.
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Investment firm BP Marsh has acquired a 40% holding in start-up Lloyd’s broker Denison and Partners and provided a loan facility, stumping up aggregate funding of £802,000 ($1.05mn) for the company.
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Unlike deals like Axa-XL or Catlin-XL before it, this transaction is expected to be much more neutral in its impact on reinsurers.
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The multiple of 1.26x is lower than a number of recent major reinsurance transactions.
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The purchaser is known for having a very low cession ratio, although it said it would leave Alleghany to operate independently.
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The MGA was launched in 2017 and wrote $350mn of premium in 2021, the same year it announced the approval for a Lloyd’s syndicate.
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The transaction will create a reinsurance entity roughly on a par with Scor in terms of net reinsurance premium.
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Berkshire Hathaway has agreed to buy the TransRe owner in an all-cash deal worth $11.6bn.
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The company’s stock is trading just below Berkshire’s offer of $848.02 per share.
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A potential merger of the two firms was originally reported on in late 2019.
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The deal values the TransRe owner at 1.26 times book value as of 31 December 2021, and represents a 29% premium on its stock price.
