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The purchase of a U.S.-based carrier enables Greg Hendrick-led Vantage Group to write coverage under its own subsidiary after partnership. -
The merged AmGeneral and Liberty Insurance Berhad operations will create the largest auto insurer and second-largest P&C insurer in Malaysia.
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Chandler says he is keen to build a company culture akin to that of Benfield, which sold to Aon for $1.75bn in 2008, at BMS Re.
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The broker consolidator’s organic growth for 2020 was 4.4%, while revenue was up 28%.
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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.
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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.
