North America
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The new entity is backed by Gallatin Point Capital, Vantage Group and RenaissanceRe.
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The rebooting of efforts to find a buyer was considered, but CEO David Disiere has decided to retain the business.
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The company said claims adjusting fees from the event would offset the hit to its retention.
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Late-stage interest had come from New Mountain, Atlas Merchant and Centerbridge.
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The deal gives the Denver-based company, which first launched a $100mn balance sheet carrier in May 2020, licenses to write business in California, New York, and Illinois.
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Sources suggested that the business will fall short of the $600mn-$650mn valuation that was being targeted.
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Sources suggested the business was unable to secure its reserve price from bidders.
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The move comes after major defections to rivals from the firm’s retail broking and reinsurance operations earlier in the year.
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The deal follows a similar partnership agreed last week by the program carrier and Hippo.
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The executive is leaving his role as global head of broking at Willis to take on a major role at Aon, in the aftermath of the mega-merger collapse.
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Hires include Axa XL’s Chris Dougherty and former Validus property team Bill Steinberg and Stephen Nadeau.
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The Florida insurer’s CEO said he was “cautiously optimistic” that legal reforms would benefit insurers struggling with rising loss inflation.
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