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Aviva will need to manage the talent base deftly to get the most from the deal.
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Lloyd’s is now an attractive environment for entrepreneurs, the CEO said.
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The carrier has been looking to enter the Lloyd’s market since 2021.
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Direct Line’s board said it received the offer on 19 January and rejected it on 29 January.
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Ryan entered into a £200mn currency forward to manage the appreciation risk of the Castel deal.
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The Lloyd’s legacy business has been placed up for sale, along with other units.
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Direct Line's shares surged by 28% following the confirmation.
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The insurance services firm is owned by Lovell Minnick.
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Its PE owners have been exploring strategic options since May last year.
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The firm will have more flexibility around talent compensation and M&A activity.
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The enterprise value is around 18x Truist Insurance’s 2023 core Ebitda.
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