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Sources said the (re)insurer held an equity interest of approximately 20% in the Miami-based MGA.
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The transaction will coincide with a CEO succession as Karl Wall hands the reins to M&A head Tom Nichols.
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The carrier intends to use the cash raised as part of its consideration for Validus.
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The deal is the third scale-up buyout for the firm, highlighting the ongoing value of scale in the reinsurance segment.
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The US retailer’s acquisition of the UK MGA and broking group will be mutually beneficial, according to executives.
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The deal is not predicted to have a long-term impact on RenRe’s financial leverage, AM Best said.
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The takeover will push it up two places to rank as the fifth-largest writer of P&C reinsurance by gross premium.
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The deal represents a 3.41x money multiple for Kentro Capital’s largest single investor.
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The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.
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The transaction is expected to close in the fourth quarter, subject to regulatory approvals. Financial details were not disclosed.
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The deal represents RenRe’s third Bermuda consolidation deal following Platinum and TMR.
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The portfolio comprises of large deductible and guaranteed-cost workers’ compensation policies.
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