Fronting
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The Bermuda courts will assess Onex’s lower, revised offer for the fronting unit. -
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.
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The Canadian PE house is delaying close and seeking to renegotiate aspects of the deal.
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The review reflects the group’s ongoing ownership-level restructuring.
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The move comes as the wait for a deal for the whole group passes the six-month mark.
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Its risk management of US captive reinsurance contracts has improved, the agency said.
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The segment represents approximately 11% of the overall P&C market.
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The firm launched late last year in the US with a $250mn capital injection, and has also acquired a UK platform.
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The leadership team includes Spinnaker co-founders Dave and Ken Ingrey and ex-CUO Miles Allkins.
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Trisura is expanding the firm’s licenses to include all 50 states and Washington, DC.
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Just over half of votes cast were in favour of the $465mn sale to Onex.
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