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The transaction complements its previous acquisition of RMS in 2021. -
This publication reported Melvin’s hire on Wednesday.
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The acquisition marks Bishop Street’s entry into commercial lines.
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Mullarkey joins from Allianz Global Corporate & Specialty.
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Former CEO Pete Chandler had stepped down and assumed a vice chair role in January.
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Rate increases on primary liability placements range from 10% to 20%.
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“They want to grow their portfolios,” Guy Carpenter's CEO added.
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The take-private is expected to close by mid-2025.
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A strategy is in place for the carrier to expand its presence on the Island.
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Levitz will become executive chairman starting in 2025.
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Sources said that the business will be marketed off adjusted Ebitda of ~$500mn, including a title broking asset.
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The GWP total marked an 18% year-over-year increase from $145bn in 2022.
