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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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At-Bay acquired the InsurTech marketplace in August 2020 for an undisclosed sum, noting that the platform would continue to operate as an independent entity.
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The business could secure an enterprise valuation of C$650mn-C$750mn, sources believe.
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As part of the deal, PE house Corsair Capital sold its stake in the company while Oakbridge leadership and employees retained a position in the broking firm.
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The news comes a few weeks after this publication revealed that UIB was in advanced discussions to take over local broker South Re.
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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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The transaction includes the full operations, including underwriting, loss control and claims, along with transfer of the employees supporting the business.
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Performance overall has been good, but there have been insurance M&A missteps and its share price has lagged.
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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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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Sources said that the assets are being marketed off Ebitda of roughly $50mn and revenue of ~$165mn, pointing to a potential valuation of $700mn-$750mn.
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Insurance Insider revealed yesterday that the two firms were in advanced talks over a potential transaction.