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Conditions ahead of the deal’s closing include the completion of a Tryg rights issue, regulatory clearances and High Court approval.
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The purchase is the Florida-based broker’s fourth UK acquisition and gives it a presence in Scotland.
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The Allianz-owned non-life carrier closed to new business in 2015.
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Economic headwinds combine with high valuations to create greater impetus for intermediary sales. -
This publication previously reported the retail broker would change hands for more than £250mn.
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The intermediary’s acquisition of the equestrian broker comes after a new investment from the middle-market private equity firm.
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An unnamed investment manager posited a Watford bid worth about $21/share around four months before Arch’s eventual $35-per-share takeover agreement.
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The Swedish investment firm is poised to back the MBO of online auto broker.
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The deal, pitched at a multiple of 12.2x 2019 earnings, follows disposal agreements for Axa in the Gulf, central and eastern Europe and India.
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The UK auto insurer expects to return most of the proceeds to shareholders.
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The portfolio is mostly made up of third-party liability motor business.
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The coronavirus pandemic prompted huge change in a sector already dealing with systemic challenges.
