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The newly formed structure combines the operations of New York-based Concord Specialty Risks and London-based Ryan Specialty Transactional Risks International. -
It is understood that the private flood MGA has re-engaged Morgan Stanley to run its sales process.
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He will be responsible for expanding the company’s platform of MGAs and MGUs.
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Stephen Hitch, senior vice president of underwriting at Xchange Benefits, will lead the new MGU.
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Larger, better performing, more diversified and more E&S-heavy insurers will be better able to prosper in a more volatile environment.
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It is understood that the Miami-based underwriter will continue operating with capacity from Bermudian carrier PartnerRe and Mexican reinsurer Patria Re.
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At $6.15 per share, the deal is a 97% premium to Trean’s closing price on December 15 and a 133% premium to the 30-day average price per share of $2.64.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Following the deal, Insight Re founder and CEO Guillermo Eslava will become Ocean Re CEO in Q2 2023, succeeding Carlos Chamorro.
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Dover and Nersessian-Hristova’s appointments mark the first expansion of Convex US since its launch earlier this year.
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Other members of the board include CAC Specialty SVP Paul Wendler and Lisc NY senior executive director Valerie White.
