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The merged entity must divest its corporate and commercial short-term insurance broking in the country, as well as offload several global businesses. -
The InsurTech aims to create a managing agent offering start-ups a full suite of digital tools as well as regulatory support.
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The deal fits with a broader strategy of simplification that has already seen several disposals.
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Over the past decade, the high degree of fragmentation within the UK retail broking market has attracted private equity investors intent on consolidating intermediaries to create additional value.
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The deal is the first publicly disclosed transfer to a run-off partner in the French market.
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The potential transaction is expected to complete in the third quarter.
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The brokers have offered to divest Willis’ largest corporate risk and broking clients to Gallagher’s Crombie Lockwood.
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The competition watchdog has approved the acquisition of Willis Towers Watson by Aon if the latter complies with a ‘substantial set of commitments’, including the divestment of central parts of Willis’s business to Gallagher.
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The deal marks JenCap’s second takeover this year and the 13th since it was founded in 2016.
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The keenly anticipated antitrust showdown has now been scheduled for November 18.
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The newly rebranded business will "remain independent" but is considering bringing in a new investor.
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The Goldman-Sachs backed broking group brings an MGA service provider on board.
