Fronting
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It is understood that the cut programs include Yachtinsure, Rhino, Paramount, Pinpoint and NTA. -
Milton and Helene, casualty reserves and growth will be some of this year’s topics.
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The raise includes minority investments from Nationwide, Enstar and others.
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The move comes amid improving conditions in the IPO market for insurance companies.
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Balance sheet risk, limited synergies and a further restriction of exit options all tell against a roll-up playbook.
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Negotiations come after Insurance Insider US revealed that the Bermudian was running an auction.
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The ratings agency also assigned the insurer an a- issuer credit rating.
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The company still has ambitions to sell the business.
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Mainsail offers 17 lines of insurance including auto, property and commercial coverage.
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The Bermuda courts will assess Onex’s lower, revised offer for the fronting unit.
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This is Emerald’s second facility, after its earthquake deal with Arrowhead.
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State National has been lined up to front for the vehicle, which would be a rare example of third-party capital in this space.
Related
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Southlake Specialty sees premium growth since inception: CEO Kumar
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