M&A
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The transaction is to increase the run-off specialist’s balance sheet significantly.
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The deal marks a return for Spencer Re founder and Taussig CEO Joseph Taussig.
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After the acquisition, the Beech team will continue to be led by Geoff Stilwell, Andrew Woodhams and Matt Gates.
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The Competition and Markets Authority will investigate whether the deal lessens competition in the UK.
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The Credit Suisse-backed firm produced a small profit in the first quarter of 2021, the ratings agency said.
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The managing general agency is looking for new lines of business, having seen its cyber team and capacity provider depart ahead of renewals earlier this year.
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The broker has explained the rationale for its $3.25bn acquisition of Willis Re on an investor call.
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After the collapse of the Aon-Willis merger, Gallagher has successfully resurrected the deal that will catapult its reinsurance operation into the big league.
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American National CEO Jim Pozzi said the acquisition would be an “energizing moment” in the carrier’s history.
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Moody’s expects RMS, which had about $320mn in revenue around $55mn in operating income last year, to become accretive to earnings by 2025.
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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 collapse of the Aon-Willis deal will have no noticeable impact on the ILS broking business, as the market waits to see what the fate of the Willis Re team will be.