M&A

The merger of the two clubs, announced in March, will form one of the largest mutuals in the sector.

Plus latest people moves and all the top news of the week.

The company must launch a $100mn placement against the backdrop of a failed takeover deal and a 40% share price collapse.

The broker noted that its leadership team in India remains unchanged following the increase in its shareholding from 49%.

It is understood that the highest bidder was a consortium formed by Fortitude and Global Atlantic.

A number of carriers are looking to offload their volatile reinsurance units. Could an ambitious investor knit them together?

Randall & Quilter (R&Q) has received a letter from Brickell PC Insurance Holdings advising it that it is “in breach of certain obligations” under the terms of its takeover agreement.

The second-round bid deadline is understood to be at the end of June, with another round of management meetings next week.

The adjourned meeting will take place on May 23, where shareholders will vote on a deal which would see Brickell pay £482mn to acquire R&Q.

It is understood that Gallagher dropped out of the race weeks ago as the company lost interest in the Peruvian retail broker.

The carrier said the acquisition would support its ambition to become the market leader in the high net worth personal lines market.

The potential deal has major advantages for both Howden and its target – and would remove a major consolidation opportunity from the market.