Legacy
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Sources said the E&S insurer is seeking to draw a line and trade forward as an independent business. -
Future deal flow in the US could come from more adequately reserved liability lines.
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The take-private is expected to close by mid-2025.
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Civil case, nuclear verdict and claims count data show worrying trends.
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The deal covered US and European P&C liabilities for Accelerant's 2020-2021 underwriting years.
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The legacy firm said the deal would strengthen its Bermuda operations.
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The ratings agency said Sixth Street provides flexibility through long-dated capital.
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The deal values the business just under its closing price on Friday, at 0.97x book value.
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The Longtail Re deal buys the specialty insurer time to secure its future, or an exit for shareholders.
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Acquirers are increasingly discerning around deals, according to a report.
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State National is providing $160mn of adverse development reinsurance coverage.
Related
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Bermuda Supreme Court sanctions scheme of arrangement for R&Q Re
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Everest explored massive legacy deal as part of casualty remediation
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