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The company has pivoted its original plans for a reverse acquisition and is targeting becoming a listed Lloyd’s vehicle, with £130mn redeemed as it extended its deal-making deadline.
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The company’s offer of 62.5p per £1 of capacity is above an independent valuation of 45p, as further details emerged on changes to the syndicate’s business plan.
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It didn’t take long after the Validus-RenRe deal for the next possible reinsurance consolidation target to emerge.
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Under terms of the partnership, Arch Capital has acquired a minority stake in the Bermuda-based MGA.
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The French carrier is exploring the spin-off of the XL Re operations via a private sale or stock market listing, according to Reuters.
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The uniqueness of the Probitas business, its management and its backers mean this will not necessarily be a straightforward sale.
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Insurers are turning to developing markets, where premiums are higher, as deals dry up.
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As M&A activity picks up, sources said Central American reinsurance broker Asesores Intermediarios de Reaseguro is exploring a sale of the business.
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The carrier has agreed to acquire the former Credit Suisse ILS unit, following the acquisition of sister company Humboldt Re in 2021.
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The deal is Clear Group’s first investment in an underwriting business.
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Management has conducted a round of talks with potential acquirers to assess interest in the Lloyd’s business.
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As part of the deal with Generali, Cathay will take a 16.75% stake in GIH.
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