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New leaders of these reinsurers have started strong, but Axis still has work to do. -
The broker’s opening price on Friday was $272.10 per share, versus Thursday’s closing price of $306.
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Earlier today, the carrier reported that its Q1 combined ratio came in at 88.8%, down from last Q1’s 90.6%.
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Sources said Piper Sandler will run the auction for the CIVC-backed firm.
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P&C buybacks have continued to decline, but large authorizations keep companies flexible.
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It is understood that the company aims to launch in Q3 or Q4 of this year.
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Sources said the process will target buyout firms and will not be open to trade bidders.
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Hiscox, Intact Ventures, Weatherford and RPM Ventures participated in the fundraise.
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Shares had fallen over 20% since Monday.
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James River is suing Flemming Intermediate while a potential sale of the company is ongoing.
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This publication revealed that the company was raising capital earlier this year.
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The InsurTech’s shares gained over 50% in value on Thursday.
