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It is understood that the three firms are in the late stages of the process, with a September deal targeted.
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The company has narrowed the pool of potential US targets to acquire from six to two and expects to provide more details in coming weeks.
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On completion, Honan CEO Fluitsma will report to Marsh Pacific CEO Nick Harris.
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The deal comes after this publication revealed that Sura’s sale of its Salvadorean unit had drawn the interest of regional carriers Ficohsa and ASSA.
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The Americas saw the largest fall in M&A activity over the first half of 2023.
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It was reported last month that Axa was believed to be preparing for a sale of Axa XL Re.
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Gallagher Re's latest Global InsurTech report has shown that Q2 funding dropped below $1bn to the lowest quarterly investment level in three years.
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Sources said the private equity house is working with Bank of America and has approached institutional capital including PE firms and sovereign wealth funds.
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Investment bank Houlihan Lokey has been retained to advise on the transaction.
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The four syndicate backers have indicated that they intend to take Westfield’s 65.2p per £1 deal.
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WTW exploring reinsurance exec recruitment comes at a time of competitive tension in the market.
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Gallagher Re posted 11% organic growth in Q2, down from 12% in Q1, while RPS recorded 10%, up from 8% the previous quarter.
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