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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.
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Citynet Insurance Brokers and Cobra London Markets, both owned by PIB Group, have merged into one company and rebranded into Citynet.
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The expansive intermediary has also launched New Zealand operations.
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The surprise union could ramp up PartnerRe’s growth, but signals the winding down of this phase of reinsurance M&A.
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The deal is the latest in a string of acquisitions for Marco Capital this year.
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The broker said the deal makes its Specialty and Capital platform the largest independent specialty broker in London.
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After the deal, Cognitive Risk will operate as a rebranded practice, Altus Specialty Markets.
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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.
