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Inside P&C’s morning summary of the key stories to get you up to speed fast. -
The transaction, which was announced in early January, included Ambridge’s operations in the US, UK and Germany.
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Morgan Stanley served as exclusive financial adviser to Neptune. Howden Tiger Capital Markets & Advisory acted as financial adviser to Bregal Sagemount and FTV.
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The transaction is at a 97% premium to Trean’s closing price on December 15, 2022 and a 133% premium to the 30-day average price per share of $2.64.
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Inside P&C’s news team runs you through the key highlights of the week.
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Details of the bids are being closely guarded, but sources said they expected a valuation of $400mn or above if a deal is consummated.
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Cutting a multi-billion carrier in two looks likely to be the preserve of a select group.
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This new coverage will be underwritten by Falvey’s recently appointed inland marine underwriting team announced in late February.
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Typical targeted limits will be $4m excess $1m and $3m excess $2m with flexibility to write shorter layers as necessary.
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The news confirms this publication’s report from last month that Doxa was in the market to raise preference shares.
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If a deal is sealed, it will be the second biggest US MGA deal of the year-to-date following Amynta’s acquisition of Ambridge.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
