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Sources suggest that, based on a multiple of 15x-17x Ebitda, the business could be valued at £300mn-£375mn.
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Areas of focus should include hiring external talent, securing capital for M&A, speeding up US growth, and answering the reinsurance question.
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This acquisition is part of Howden’s wider strategy to expand its product offering for Swiss and multinational clients.
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Other bidders included France's Groupama and Italy's Itas.
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Clear Blue has put its sales process on hold as the fronting company assesses the implications of Vesttoo’s collateral inconsistencies, this publication has learned.
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The vehicle will focus on middle-market transactions in the US and Europe across the insurance value chain.
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The two firms held serious talks last year but were unable to get a deal to the line due to a valuation mismatch.
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The acquisition is led by former Capsicum and Guy Carpenter fac broker Márcio Ribeiro.
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Sources said parties inquiring about Sura’s operation in El Salvador include ASSA and Ficohsa, two of the largest carriers in the region.
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The deal marks Clear’s second commercial MGA deal after it acquired a 50% stake in Thomond Underwriting Limited earlier this month.
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The move is part of NBS's goal to double its size within the next five years through organic growth and acquisitions.
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Axa’s lack of success in selling its more volatile XL Re segment has led the insurer to cut back on those lines, but the current rate environment makes this a good time to revisit a sale.
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