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PE owner Odyssey ran a full auction last year but was unable to find a buyer for the business. -
The US practice will be led by Themis partner Naomi Collins, who has previously worked for CFC Underwriting and Allied World.
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Around 100 Ageas UK staff will transfer to Axa Commercial.
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The Singapore business is a composite insurer offering life, health and P&C.
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The acquisition of an admitted company goes along with the surplus lines company Vantage purchased to jumpstart its US insurance business in July.
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All of BdB’s subsidiaries and leadership team will join Brown & Brown’s roster following the acquisition.
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The insurer expects to close the transaction during 2022 upon Chinese regulatory approvals.
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Mosaic said the partnership marked an expansion of its syndicated programme launched last December.
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The acquisition comes after the group bought WDB in 2020.
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The UK segment reported an operating loss of £37mn in 2020 and could present a consolidation opportunity for major GI players.
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The businesses will be rebranded from 31 January, which Gallagher said “completes” the integration of the firms.
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TigerRisk Capital Markets has been retained to advise, and the business is being marketed to run-off carriers.
