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The lawsuit has been filed as sales talks with Sompo yielded a deal. -
The Japanese company announced the $3.5bn deal today, three months after the Bermudian completed its IPO.
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The long-time Allianz and Hive executive will be based in New York City.
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Cavello Bay Re will provide paper for the MGA’s business written out of Bermuda.
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The Japanese carrier has agreed to buy Aspen for a realization of $3.5bn.
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The other liability loss ratio continued to rise as workers’ comp and commercial auto reversed course.
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The all-cash deal values the Bermudian’s stock at a 36% premium.
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This publication first reported deal talks last week.
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Last year marked the second consecutive year in which carriers made a positive return.
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Sources said Atlas’ owner is selling the retail agencies but will retain the Hawaii carrier Island Insurance.
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Capacity has gone up slightly, with new entrants and incumbents feeling better about their books.
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