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It is understood that the business-to-consumer programs are not included in the potential transaction. -
The Insurance Insider US news team runs you through this week’s key agency M&A.
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Cincinnati Re reported $38mn of cat losses in Q3 that included $18mn for Hurricane Helene.
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The carrier’s estimated pre-tax losses from Milton are $65mn to $110mn.
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It is understood that the company has retained the services of Dowling Hales as advisor.
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Beazley leads the first $100mn layer of the programme, while Tokio Marine HCC leads the second on the Alesco-placed cover.
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More broadly, the firm is looking at over 100 potential mergers in its pipeline, with ~$1.5bn acquired revenue.
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The Floridian insurer anticipates that it will remain profitable in Q3 and Q4 despite hurricane activity.
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However, rate gains again accelerated year over year for all lines except workers compensation.
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It is understood that Bezerra will remain based in Miami for his new position.
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Howard, who led the brokerage through its recent transition to private ownership, will take a vice chair role.
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DeSett will develop Hub’s commercial lines strategy and drive organic growth.
