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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. -
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.
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The deal “may reduce choice” for cedants in choosing reinsurance brokers, the EC said.
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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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