Reinsurance
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The company reiterated its commitment to consummating the Accredited sale.
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Its PE owners have been exploring strategic options since May last year.
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Axis’s reserve cleanup removes longstanding overhang and narrows the credibility gap.
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The transaction would have been one of the largest the market has seen for years.
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The executive joined the legacy carrier as CIO in 2020.
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As part of the transaction, Carrick will assume the company’s staff and operations.
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Just over half of votes cast were in favour of the $465mn sale to Onex.
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The regulator has also paused the redemption of the company’s $20mn Tier 2 floating-rate subordinated notes.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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The consideration is expected to be around $140mn plus a $25mn dividend.
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The R&Q share price has plummeted since the sale of the ~$1.8bn-premium fronting arm was announced 10 days ago.
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