Scoop - US
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Sources said that the retailer will be marketed off an Ebitda of $40mn-$45mn, pointing to a potential valuation in the $650mn-$750mn range.
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The utility previously bought a $1bn policy from the (re)insurance market.
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City of London grandee Martin Gilbert is attached to the project in a non-executive capacity, sources said.
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Guy Carp is advising the specialty insurer as it seeks to draw a line under adverse development from its historic program book.
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The transaction values the firm at around 17.5x Ebitda, and is a bull signal for private broker valuations.
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The firm is the first in the P&C market known to have taken action to ensure staff have financial support for travel for out-of-state medical procedures.
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The move comes amid a number of senior appointment announcements in the Latin American market, including two senior hires from Marsh.
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Sources said that the MGAs sealed the transaction earlier this month and a deal could be announced imminently.
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Sources said that the company is not using the listing to flush out potential trade or PE bidders.
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Lea was previously head of commercial E&O, cyber and media liability at CNA Insurance for a little over five years.
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Sources said that the Los Angeles, California-based team joining Hub includes Juliana Selfridge, Michael Glees, Belen Olloqui and Katelyn Kiblinger.
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It is understood that Next decided to discontinue the process after it proved an uphill battle to secure funding at an attractive valuation amid volatile market conditions.
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Sources said Goldman Sachs and Wells Fargo are advising on the process as the Canada Pension Plan Investment Board (CPPIB) is looking to sell the business.
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The MGA space is red hot and the Geof McKernan-led business is a rare asset with scale to come to market.
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Banking sources suggested Foundation Risk is a ~$120mn Ebitda business, which would put a potential $2bn valuation on the firm.
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As the carrier looks to provide liquidity to its PE backers, it is examining a range of paths to reshuffle the investor base.
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The deal’s exposures are focused in the troubled personal auto market where loss costs have been running ahead of rates.
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CEO Andy Potash has been seeking a buyer for the business since at least June of last year, and first attempted a sale in 2018.
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The dispute has arisen due to a mismatch in the provision of infectious disease cover between Petroperu’s policy with local fronting carrier Mapfre, and the policy between Mapfre and its facultative reinsurers.
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Sources said that the PE company has appointed investment bank Evercore to conduct the sale process of the business.
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The InsurTech is the latest MGA to begin assuming risk, following similar moves by rivals Coalition and Corvus, in what is likely to be a step in its evolution towards becoming a full-stack carrier.
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The Hartford-based carrier is the latest to rejigger its policies in response to the rapidly evolving pandemic.
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Staff who have not provided proof of vaccination will be terminated “for cause” and ineligible for future employment with the carrier.
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The Mayfield Consumer Products candle factory is one of the two most high profile large individual risk losses from the quad state tornado to date.
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Employees have expressed frustration that accommodations on religious grounds have been denied.
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Sources have said the carrier is looking establish a unit with its own P&L, intended on establishing a clear dividing line between the wholesale and retail businesses.
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She will oversee the launch of the New York-based software firm’s new MGA.
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The Floridian InsurTech will use around $50mn for policyholder surplus, sources said.
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Amanda Lyons will lead growth for US casualty, with Paul Anderson taking the same role in property.
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The executive will also remain his current role as head of Colombia, it is understood.
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The appointments come after the shock departure by former president of North America for reinsurance Tim Ronda, who left late last month to become president of rival intermediary TigerRisk.
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The Vale acquisition is the latest in a flurry of deal-making for the Chicago-based private equity house.
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The carrier said the portfolios "no longer support" its core strategy.
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The hires mark Skyward’s latest expansion in the line, after the carrier acquired the $30mn-premium Aegis Surety business from MGA-consolidator K2 Insurance Services in January.
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Guy Carpenter’s US facultative leader steps down after just eight months.
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The executive joined Vantage on Monday, after spending the last 10 years at Axa XL.
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The rebooting of efforts to find a buyer was considered, but CEO David Disiere has decided to retain the business.
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Late-stage interest had come from New Mountain, Atlas Merchant and Centerbridge.
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The deal gives the Denver-based company, which first launched a $100mn balance sheet carrier in May 2020, licenses to write business in California, New York, and Illinois.
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Sources suggested that the business will fall short of the $600mn-$650mn valuation that was being targeted.
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Sources suggested the business was unable to secure its reserve price from bidders.
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The move comes after major defections to rivals from the firm’s retail broking and reinsurance operations earlier in the year.
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The deal follows a similar partnership agreed last week by the program carrier and Hippo.
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The executive is leaving his role as global head of broking at Willis to take on a major role at Aon, in the aftermath of the mega-merger collapse.
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Hires include Axa XL’s Chris Dougherty and former Validus property team Bill Steinberg and Stephen Nadeau.
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New Everest E&S casualty CUO Casey Hartley has over two decades of experience in the industry.
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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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Bergman will be reporting directly to Western World’s head Tim Whisler.