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The vehicle would need to raise in excess of £200mn if the proposed listing rules go into effect. -
The transaction will create London’s largest independent specialty and wholesale broking business.
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The parties reiterated their expectation of a 1 June close for the deal.
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The Commerce Commission has delayed its decision for the third time.
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The merging brokers have also agreed a two-year non-compete agreement on transferring Willis business.
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The week also saw further reshaping in contingency and marine markets, and Insurance Insider’s InsurTech conference.
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The amount of special purpose acquisition company (SPAC) capital currently available points to a continued elevated period of InsurTechs using SPACs as a means to go public, according to a panel of investors in the sector.
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An exit would carry a multi-hundred-million price tag.
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The acquisitive broker has recently expanded across Continental Europe with a string of deals.
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The combination still needs sign-off from US, EC and other international authorities.
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The intermediary has made its second Continental European acquisition as it looks to expand.
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The pending disposals come after a major deal to sell a range of P&C assets to Gallagher for $3.6bn.
