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HGGC-backed SRG says it’s agreed an orderly transition with its rival.
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The proposed consideration represents a mix of stock with the majority in cash. -
The carrier says its board of directors is "carefully considering" the proposal.
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The Hartford share price jumps 12% on report of deal talks with Chubb.
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The new funding round values the InsurTech at $1.75bn.
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William Monat launched the broker’s transactional risk unit in Chicago and previously led two MGAs in the space.
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The transaction will complete in April and the business will be integrated into Credit Risk Solutions.
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The legacy carrier and Stone Point are to invest a combined $45mn in Richard Watson’s start-up.
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According to the Capitol Forum, antitrust regulators will consider the deal's impact on the world’s fourth largest insurance broker AJ Gallagher
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Existing investors HGGC and Aimco will retain minority holdings after a deal which reportedly values the insurance services provider at £1.2bn.
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The MGA aims to improve its cyber claims and incident response abilities through the deal.
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Reinsurance is one of the areas of the combination that is drawing heightened regulatory scrutiny.
