M&A
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Shares in the newly listed InsurTech were up just more than 1% on the day to $9.90 a share, but below the original $10 listing price of its merger partner, Reinvent Technology Partners Z.
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The Willis Towers Watson CEO also confirmed the broker will not pay out bonuses contingent on the Aon merger.
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RJ Riordan & Co is a retail property/casualty broker that specializes in the construction and transportation industries in the Chicago region.
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The deal, announced in March, is projected to generate $1.2bn in net proceeds, of which $900mn will be returned to shareholders.
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The two private equity houses said Friday that they expect the deal to close by the middle of this week.
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The InsurTech said it expects to raise over $550mn from the transaction, boosting the home insurer’s nationwide expansion.
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CEO Prem Watsa said the company expects to acquire the remaining 6% of the company and delist it from the Singapore Stock Exchange.
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NTUM is to complement Amwins’ transportation underwriters and help spur regional growth.
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The investment bank said a transaction would stabilise employee retention at Willis Re and allow Willis to pursue buybacks.
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Sources have said a deal could be signed as soon as the middle of the week, with a valuation higher than the last agreement.
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The entire Aiken leadership team will also join NFP, in a move the broker says will “add depth” to its current P&C offering.
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Willis Towers Watson will not pay staff bonuses that were contingent on the completion of the Aon merger.
