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The deal comes over a year after this publication revealed that the companies were in takeover conversations.
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Inside P&C runs you through the highlights and exclusive news broken by our team this week.
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The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals.
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American has been in the surety market for over 30 years and upon closing will become Core Specialty’s surety division with two initial product lines, bail bonds and commercial surety bonds.
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The deal was announced in late May, with RenRe taking over AIG’s treaty business, including AlphaCat Managers, and all renewal rights to Talbot’s reinsurance treaty unit.
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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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Combined, the businesses represent approximately $100mn of annual revenue.
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The medical stop-loss MGU produces annual revenue of around $25mn.
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The 3x3 plan takes the things about the firm over the last decade that have been distinctive and intensifies them.
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Will this year be a repeat of a shift from “growth at all costs” to “flight to quality”, or will we see the InsurTech space bounce back in the direction of 2021 optimism?
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Inside P&C’s news team runs you through some of the key M&A deals from the past week.