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Although superficially a good match, Axa would run significant risks in pursuing a sale of its reinsurance arm to the French mutual. -
If Covea agrees a sale price in this range for the operations, parent Axa could book a EUR1bn gain, Berenberg claimed.
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“We are not about to let [the] delay…compromise the deal”, says Latham & Watkins lawyer Dan Wall.
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Sources said Cinven-Tysers talks are focused on valuing the contingency business and issues around cultural fit.
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The reinsurer is looking to anchor its UK motor co-insurance and reinsurance capacity with a fully integrated platform for distribution and claims handling.
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The total consideration for the combined transactions, including MPI Generali, is RM1.3bn ($311mn), subject to closing adjustments.
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The move will repay an internal loan due as part of the Intact/Tryg takeover.
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We examine what could happen to the reinsurance broking unit should the Aon-Willis merger fall through.
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Aon and Willis were taken by surprise by the lawsuit, a CTFN report claims.
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The CEO said that his company was ‘wide open’ to absorbing additional assets to satisfy regulators’ concerns.
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Shares in AJ Gallagher and Willis Towers Watson held broadly stable after the announcement from the US Department of Justice.
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The investment bank’s analysts suggested that staff and clients may leave as a result of uncertainty, during a prolonged US lawsuit over the Aon-Willis mega merger.
