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After the deal, Cognitive Risk will operate as a rebranded practice, Altus Specialty Markets. -
The ratings agency said that the deal would increase diversification but heighten catastrophe exposure.
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Plus the latest impact of cat activity on reinsurer results and all the top news from the week.
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However, the deal is low-to-mid ranking in terms of book multiple.
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If the deal does complete this time, the partnership will face a range of pitfalls and challenges.
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The Lloyd’s carrier announced last week that it was near to closing a deal to acquire the business.
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The transaction was cleared in five out of six jurisdictions – including by US antitrust authorities – and is only pending UK regulatory approval.
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The deal appears to be a carbon copy of the original March 2020 agreement, which collapsed after Covea attempted to renegotiate at the height of the pandemic.
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The purchase will pull in specialist expertise in several fields including marine.
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Generali has proposed to acquire the shares of Cattolica it does not already own.
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Sources said that the US commercial lines player had not received bids that met its expectations.
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Engaging with the French mutual as an M&A counterparty represents a high-risk strategy for Exor.
