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The settlement is a “contribution towards costs” from R&Q to Brickell but not an “admission of liability by either party”. -
If you believe that the Lloyd's market has turned around its fortunes, it’s a buyers’ market on Lime Street.
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There is much to like in the transaction, but a strategy based on serial mega deals elevates the group’s risk profile.
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The executive had been CEO of Tiger’s London office since 2019.
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After securing a $1.6bn deal to acquire TigerRisk, Howden said the transaction will create a “much-needed fourth global player” in reinsurance.
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The firm, which has backing from CDPQ, General Atlantic and Hg, has spent $4.8bn across four deals in under two years.
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This publication first revealed that the two parties were working on the deal last month.
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Together, the businesses place more than $80mn in gross premium per year.
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The private equity firm took the intermediary private in a deal struck in 2018.
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The insurer will take a EUR400mn hit by selling the stake in its Russian outfit.
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Sources indicated talks have been conducted using an adjusted Ebitda figure for TigerRisk of around $85mn-$90mn, which is far higher than previously thought.
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The review follows the move by Brickell to terminate its acquisition plans, as AM Best noted an expected 2021 loss for R&Q of $135mn-$145mn.
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