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The investment comes as R&Q positions itself to take advantage of pandemic-related market dislocation.
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It is understood that CFO John Parry, who joined the firm last year after holding the same role at Lloyd’s, will become interim CEO.
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The pension fund will acquire the stake from Fairfax for a cash sum of $560mn.
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The deal is set to close in the first half of 2020 and will see the Singaporean reinsurer enter run-off.
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Private equity firm The Carlyle Group has lifted its stake in Fortitude above 70 percent.
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EWI provides services for captives and mutual insurance companies as well as run-off and legacy solutions. -
The long-term legacy life portfolio manager will use the capital for new run-off acquisitions.
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The legacy insurer is mulling a Bermuda vehicle to help it access North American deals.
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The legacy carrier still sees opportunities for large deals through such arrangements.
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A sidecar arrangement would allow the company to finance larger acquisitions, it said
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After a consultation with shareholders, the board has decided to pursue “an orderly run-off”.
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Together with Hillhouse, the two insurers will launch a new legacy insurer, Enhanzed Re, with $470mn.
