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The Lloyd’s carrier announced last week that it was near to closing a deal to acquire the business. -
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.
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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.
