Tysers
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The MSC Aries was seized on Saturday by the Islamic Revolutionary Guard Corps.
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WTW and Tysers collaborated with PPL to design and implement the pilot.
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The broker’s $47bn DoJ fine had “no material impact” on profits.
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The 200-year-old firm is not the only one to be caught up in watchdogs’ investigations into corruption and bribery controls.
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The DoJ also hit rival reinsurance broker Tysers with a $36mn penalty and administrative forfeiture of around $10.5mn.
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Chief of IRS Criminal Investigation said Tysers had "eroded the process of fair and open competition".
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The broker was being investigated in relation to suspicions of bribery and corruption with regards to one specific client in the country.
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AUB Group CEO Mike Emmett will step in as CEO of Tysers on an interim basis.
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The executive has extensive experience in the reinsurance broking sector both in Asia and London, having worked for Aon Benfield, Cooper Gay and Willis Re in the past.
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The team will be headed by Tysers’ MD Paul Chapman, joined by Claffey, Freeman and Thornhill.
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AUB said the placement bookbuild was “significantly oversubscribed” and only allocated shares to existing investors as a result.
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Tysers Retail Limited was established as a separate entity in the wake of AUB’s acquisition of the broker.
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The broking CEO set out the London wholesaler’s growth strategy a year on from the AUB takeover announcement.
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The broker focused on African, North Sea and Latin American business at Primassure and has 30 years’ experience.
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The broker benefited from new cargo business, higher war rates and a rebounding contingency segment.
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Insurance Insider reported last year that the bloodstock team had resigned en masse to join Howden
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It is understood that Tysers’ Latin America head Hugh Powell, who is also a shareholder in the South American operation, has left the UK brokerage.
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The London wholesaler is ‘performing well’ according to parent AUB Group.
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It is understood that the executive joined THB Peru in a managing director position.
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The former Chubb Europe president will replace outgoing chair Peter Haynes.
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New owner AUB expects the acquisition to deliver A$25mn in synergies.
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Staff are following their former leaders Mike Godfrey and David Long to the General Atlantic, CDPQ and Hg-backed broker.
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AUB chief Mike Emmett says the deal is “strategically aligned and financial compelling”.
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The broker’s revenue rebound was offset by reductions of business in Colombia and Ecuador.
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Despite the carrier’s profit declining, turnover increased by 15% to £19.2mn.
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Plus this week’s top carrier results and need-to-know people moves.
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The deferred structure – and the uncertainty around the size of the pay-outs – will create risk around talent flight for the London wholesaler.
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The Australian buyer’s deal disclosures reveal details around regulatory probes into the London market wholesaler.
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An additional deferred consideration of up to A$176mn may be payable two years after the completion, subject to Tysers reaching agreed revenue targets.
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The move comes as the expected deal with AUB failed to materialise, and after Ardonagh stepped up its engagement.
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The London market wholesaler stands to gain a variety of benefits from a possible Australian owner.
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Odyssey began preparing Tysers for sale in May 2021 and launched a formal auction for it in June 2021.
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The independent broker has an end to its long search for a new owner in sight.
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The broker’s departure from the countries followed the sale of the broker’s interest in its Argentinian and Chilean subsidiaries.
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Plus our take on London market financials a all of this week’s full-year results.
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The latest attempt to sell Tysers comes with an injection of competitive tension and an improved set of numbers for the 200-year-old broker.
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PE owner Odyssey ran a full auction last year but was unable to find a buyer for the business.
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The broker said there was increased demand for coverage from international clients.
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Client director Martyn Locke will transfer to Xenia as part of the deal.
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Matt Griffiths’ resignation follows the departure of the Harry Simpson-led Tysers terror and political violence team, which has joined BMS.
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The appointment comes following BMS’s entry into the terrorism and political violence market with the hire of Harry Simpson and his team from Tysers.
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The broker said the appointment of Lee Jenkins was part of a wider strategy to expand its marine and aviation, North American P&C and retail business lines.
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Experienced brokers Matthew Sinclair and David Pratt-Sinclair are to head up the new division.
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Plus the winners of the Insider Honours and all the top news from the week.
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The broker has operated in Dubai since 2006, and is pursuing a strategy of international expansion.
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Initial £800mn price tag seems well out of reach as suitors struggle with heavy pro forma adjustments to earnings.
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The broker has also expanded its Dubai office with three hires.
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Plus the lowdown on CFC’s syndicate capacity and all the top news from the week.
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