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With small acquisition targets set to thin in the medium term, platform mergers or international expansion are likely. -
The news follows the sale of Aviva’s French operation as the insurer refocuses on core UK, Ireland and Canadian businesses.
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The recently merged French mutual prevails in an auction that had reportedly drawn interest from Allianz and Apollo-backed Athora.
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The PE house will inject growth equity capital into Premia after the all-paper deal.
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The SSL founder has repurchased the business through a holding company supported by a host of London broking names.
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The deal comes shortly after the legacy specialist established a $265mn sidecar, Elevation Re.
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The deal will lift GWP handled by the broker-aggregator by more than three quarters to £1.6bn.
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The merger may cause price increases or reduced service levels for major insurance buyers.
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The broking network will be the UK group's Australian centrepiece, says CEO David Ross.
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Both private equity deals were vetted under simplified EU merger procedure.
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The buyer will use the acquisition to expand Arena beyond Belgium and into other European markets.
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Apollo Syndicate Management will manage the new 1994, which starts out with $125mn of net reserves.
