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R&Q CEO William Spiegel will transfer to the Accredited program management business.
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The carrier was one of Certa’s original capacity providers at its 2019 launch.
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Plus, all the latest company results, executive moves and top news from the week.
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Intact and RSA will pay a £520mn cash consideration for the brokered commercial lines operation.
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Sources said the fronting carrier is expecting to seal a deal in early 2024 as its strategic process pivots from a full sale.
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The business was absorbed into AGCS from the former Fireman’s Fund portfolio.
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It is understood the MGA will run a restricted process, but owners are open-minded on counterparties.
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The specialist MGA was launched in February 2019 by former Aspen active underwriter Ed Beckwith in collaboration with former Pembroke head of tax Tom Cartwright.
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Gulf insurers have borne the brunt of reinsurance rate corrections in the past couple of years, but a different, albeit similar market segment is emerging as a focus for concern ahead of this year’s 1 January renewal.
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Talanx, Groupama and Itas had shown interest in the P&C business.
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BP Marsh will receive a £51.5mn cash consideration from the sale of its 18.7% shareholding in in the company.
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Despite an upswing in deal activity, large deals have continued to see a steady decline in volume that began in 2021.
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