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The deal, due to complete next February, will create one of the largest mutual marine insurers in the world. -
It is understood that discussions to transfer the ownership of the business to sister company HDI Global Specialty have been called off.
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As part of the deal, all staff working for the managing agent will join Mosaic, while SiriusPoint will become a strategic investor in the carrier.
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As part of the changes, Chris Evans has been promoted to deputy CEO, a new position.
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The US intermediary said it would pay roughly $2.5bn for the trio of acquisitions.
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GRP global CEO Mike Bruce will continue to lead the firm and will report to Brown & Brown president of retail segment Barrett Brown.
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The group’s MGA platform Millennial Specialty has also entered a programme administrator agreement with a QBE affiliate.
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The deal marks the latest step in Gilinski’s hostile takeover of one of the largest carriers in Latin America.
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The US retailer looks set to secure the UK consolidator after fending off private equity house TA Associates.
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The UK insurance Number 1 could take over Covea’s ~£725mn GI operation.
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The deal follows Acrisure’s recent purchase of Brazil's It’sSeg and adds another European market to its operations.
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The HGGC-backed consolidator has made its first company acquisition of 2022.
