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Fleming had attempted to land ~$78mn in ‘economic concessions’ on the deal.
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The deal includes an LPT of ~$2bn loss reserves for 2016-2023 years with Arch Re.
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A deal was announced last July, with Cathay agreeing to take a 16.75% GIH stake.
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There were 166 deals over $100mn and 34 deals over $1bn in the first quarter of the year.
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Sources said the Bermuda carrier has been working with Jefferies on the sale.
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The Singapore sovereign wealth fund has taken over GIC’s holdings in the broker.
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BP Marsh took a 30% cumulative preferred ordinary shareholding in Devonshire.
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The deal will create a personal lines firm controlling £3bn in premiums.
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AI was the hot topic throughout the InsurTech Insights event.
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This follows the broker’s report last year, which also found a “notable uptick” in claims.
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The UK and Ireland led in the EU market, with 232 deals announced.
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Direct Line had rejected two prior attempts by the Belgian carrier.
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