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Co-founders Joe King, Enda McDonnell and Adrian Ryan remain in their posts and retain minority stakes in the business.
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The vehicle raised $240mn in an offering priced at $10 a share.
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The deal is the latest in a slew of recent blank check listings this year. -
The deal “may reduce choice” for cedants in choosing reinsurance brokers, the EC said.
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The 12 Days of ILS Christmas
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HCI is offering $5.2mn in stock plus up to $3.1mn cash for the portfolio.
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The broker will operate as Acrisure Re and Acrisure London Wholesale.
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The unit will advise on M&A, capital raising and risk securitisation.
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The deal will help the Aquiline-owned syndicate diversify away from motor insurance.
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This is the fourth acquisition by Ardonagh's Geo this year, following transactions involving Rural, Thames Underwriting and KGM Underwriting.
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The Day 1 launch via a listing without PE cornerstone investors is an effective first for the (re)insurance sector.
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The deal will accelerate the pivot of the acquirer from motor insurer to multi-class specialty player.
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