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The executive declined to comment on Truist Insurance sale reports but said the firm is constantly assessing all its options.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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First-round bids for the company were due in late September.
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The fronting carrier space is seeing increased M&A activity due to a rise in private equity interest over the past two years.
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Backed by private equity firm 777 Partners since 2019, Sutton National booked $230mn DPW last year — up from $71mn in 2021 according to AM Best — ranking 13th among US fronting firms.
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The companies will operate under common ownership of their private equity sponsor, Kelso & Company.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Sources said the fronting carrier is expecting to seal a deal in early 2024 as its strategic process pivots from a full sale.
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Sources said the fronting company has drawn the interest of private equity firms, including Summit Partners.
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The business was absorbed into AGCS from the former Fireman’s Fund portfolio.
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Gulf insurers have borne the brunt of reinsurance rate corrections in the past couple of years, but a different, albeit similar market segment is emerging as a focus for concern ahead of this year’s 1 January renewal.
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Inside P&C’s news team runs you through the key M&A deals from the past week.