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The transaction brings to an end five years of Willis’ majority ownership of the London market broking house. -
The deal continues HSCM's progression into primary markets.
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Ariel Re will focus on key lines of business, including cat, retro, marine and professional lines.
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Southern Fidelity has struggled during a busy 2020 storm season because of its exposure to the Gulf states.
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Former CEO Ryan Mather returns to helm Ariel, and will also oversee underwriting for SPA 6133 under a pact between the acquirers and Apollo.
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Including offshore losses of up to $1.5bn, the firm's total loss estimate ranges from $0.8bn-$1.5bn.
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The $622mn agreement is just 10 cents a share higher than Enstar's $31.00-per-share proposal.
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Former RenaissanceRe CEO and founder Jim Stanard looks set to pick up the reinsurance platform.
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The per-share price is a 35% premium to yesterday’s close.
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The Howden parent has more than doubled its valuation in the three years since CDPQ invested.
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BMS plans to expand into the retro sector but will avoid being drawn into bidding "frenzy".
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The funding for the deal was set to come from Cantor Fitzgerald and its billionaire CEO Howard Lutnick.
