M&A

The business has appointed two to its London team and 16 to its New York unit.

The watchdog had been due to announce a decision on a further inquiry by 29 November.

The proceeds of the transaction will be used to fund a $1bn share repurchasing programme.

The announcement follows the initial news in August that Willis had entered a non-binding agreement to buy the broker.

RSA’s London Market and European specialty lines teams are to set to join forces with Intact’s global specialty team, following Intact’s acquisition of RSA’s UK & International business (UK&I) in June.

Lloyd’s broker Parker Norfolk, launched with backing from Maven Capital Partners in 2018, is to sell off its remaining business portfolios and close its doors, this publication can reveal.

The transaction marks Xenia’s sixth acquisition to date.

Citynet Insurance Brokers and Cobra London Markets, both owned by PIB Group, have merged into one company and rebranded into Citynet.

The expansive intermediary has also launched New Zealand operations.

The surprise union could ramp up PartnerRe’s growth, but signals the winding down of this phase of reinsurance M&A.

The deal is the latest in a string of acquisitions for Marco Capital this year.

The broker said the deal makes its Specialty and Capital platform the largest independent specialty broker in London.