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Sources said that the US commercial lines player had not received bids that met its expectations. -
Engaging with the French mutual as an M&A counterparty represents a high-risk strategy for Exor.
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The two parties had previously negotiated a $9bn deal for the reinsurer last year, which was later scrapped.
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Plus the latest in aviation broking account wins and all the top news from this week.
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The intermediary’s latest acquisition targets US Fortune 1,000 clients.
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As part of the deal, Seoul-based VIB will become a newly licensed entity called BMS Korea.
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The two businesses are in the late stages of agreeing a deal, which could be announced in the coming days.
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It’sSeg is Brazil’s largest independent benefit management firm with over 1,000 corporate clients.
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The deal comes after the group struck deals in Germany, Poland and the Netherlands.
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The transaction is to increase the run-off specialist’s balance sheet significantly.
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Investee firm CBC has also secured £3mn financing from Coutts.
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Howden inked its biggest deal to date with its agreement to acquire Aston Lark for around £1.1bn.
