M&A
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Bowood managing director Stephen Greener will chair the entity, which is to place $6bn in GWP. -
Vesttoo's aim for the partnership is to bridge the gap between the insurance and capital markets, scaling insurance-linked investments as a source for reinsurance capacity.
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The acquisition will enable the Japanese carrier to expand further into the US and across a host of insurance lines, including property and marine.
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There is no guarantee that the process will yield a particular transaction.
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The former Chubb exec will remain on the board as an independent director, along with president and CEO Jacques Bonneau.
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The French mutual’s CEO Thierry Derez and chief of staff Sylvestre Frezal said the deal is a strategic move to adapt to new forms of risk.
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Kiln and UPC partnered to form the insurer in 2018, but it was merged into American Coastal earlier this year
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FedNat will retain a minority interest along with representation on the board.
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Elliott Management, the other key suitor for the business, is understood to have dropped out of the auction.
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This is UPC’s latest attempt to downsize after offloading part of its personal lines business to HCI.
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After securing a $1.6bn deal to acquire TigerRisk, Howden said the transaction will create a “much-needed fourth global player” in reinsurance.
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