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The deal “may reduce choice” for cedants in choosing reinsurance brokers, the EC said. -
The Davies Group owner outbid Abry Partners in the sales process for the broker.
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The losses stem from the Barzan gas plant in Qatar and a Tullow facility off the coast of Ghana.
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The Irish broker was founded in 1961 and has around 200 employees writing both commercial and personal insurance.
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The broker is committed to expanding in A&H, especially in European markets.
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He replaces long-serving executive Gary Long, who retired earlier in the year.
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The Charles Taylor chairman will help assess broking, InsurTech and service provider targets as an advisory council member.
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Davies owner HGGC looks to up its involvement in sector, while Abry seeks an entry to the UK market.
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The Zurich-owned carrier retains a financial strength rating of A2 and a surplus note rating of Baa2.
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The mutual had exited general insurance via its deal with Allianz last year.
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The competition watchdog will reportedly open a full investigation after its preliminary review ends on 21 December.
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The milestone was set out in a combined all-staff townhall as the firms look forward to an H1 close.
