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The oversubscription may signal additional capacity waiting on the sidelines. -
Sources said the Bermuda carrier has been working with Jefferies on the sale.
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The announcement confirms earlier reports from this publication.
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Sources said the deal was roughly three times over-subscribed as cat becomes hot.
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The leadership team includes Spinnaker co-founders Dave and Ken Ingrey and ex-CUO Miles Allkins.
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The Ahoy! deal marks the first acquisition for the RedBird-backed MGA.
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Previously, Grace Meek was CEO and president of Homesite Underwriting.
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Joy had previously set up the casualty practice at Global Indemnity.
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Sure is the first Demotech-rated insurer to offer surplus lines homeowners.
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Dowling Partners is advising the company.
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Glatfelter CEO Chris Flatt will become interim chief executive.
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After the 2007-17 decade of “bad underwriting” carriers are recovering from “past sins”.
