-
Axis’s reserve cleanup removes longstanding overhang and narrows the credibility gap. -
The transaction would have been one of the largest the market has seen for years.
-
The executive joined the legacy carrier as CIO in 2020.
-
As part of the transaction, Carrick will assume the company’s staff and operations.
-
Just over half of votes cast were in favour of the $465mn sale to Onex.
-
The regulator has also paused the redemption of the company’s $20mn Tier 2 floating-rate subordinated notes.
-
Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
-
The consideration is expected to be around $140mn plus a $25mn dividend.
-
-
The R&Q share price has plummeted since the sale of the ~$1.8bn-premium fronting arm was announced 10 days ago.
-
The revised status follows the recent announcement that R&Q Insurance Holdings has agreed a sale of its Accredited program.
-
R&Q said it expects ongoing operating losses after the sale as it works on transitioning its legacy business to a fee-based model, with plans to explore further transactions to de-risk and reduce volatility.
