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On Wednesday, the insurer reported 12% growth in net written premiums. -
Sources said that the retailer will be marketed off an Ebitda of $40mn-$45mn, pointing to a potential valuation in the $650mn-$750mn range.
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Participating in the funding round were Caffeinated Capital, Altai Ventures, Zigg Capital, 8VC, Buckley Ventures, Habitat Partners and Arch Capital.
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The Aspen IPO provides an opportunity to benefit from the specialty market without commensurate prior-year reserve risks due to an LPT cover.
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The agency said TRUE’s ratings will remain under review until there is additional clarity surrounding a new business plan.
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TRUE will use the capital injection to provide underwriting capacity in Florida “at a crucial time” and to expand its footprint nationally, according to a statement.
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Insurance Insider US dissects the largest and hottest deals of the year across broking, reinsurance and other segments of the industry.
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The deal’s consideration consisted of a cash payment of $119mn and the 13.5% equity interest that Enstar held in Northshore, the parent of Lloyd’s underwriter Atrium.
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Leading the decline was AJ Gallagher, with a 7.5% drop as of mid-afternoon, after having traded down over 8% earlier in the day.
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Earlier this morning, SiriusPoint announced it had been informed that major shareholder CMIH had been taken into private receivership by lenders in Singapore.
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The suspension of Global Indemnity’s effort to sell its E&S arm is likely specific to the franchise rather than an indicator of a dealmaking slowdown.
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Sources said the Gemspring Capital-backed group retained investment bank Baird earlier this year as adviser in the sale process.
