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The deal will generate proceeds of more than $1.5bn for the Karfunkel family and including a dividend is pitched at 69 percent more than Tuesday's close. -
The deal will give Buckle access to Gateway’s 47 US state insurance licences.
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The deal will see HSCM founder Millette and HSCM Bermuda clients assume majority control of the holding company.
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SkyKnight, Dragoneer and Aquiline have led the investment.
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The fronting carrier will allow the MGA to extend its geographical reach.
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The statements come after an outline agreement, signed by Covea 10 weeks ago, collapsed this week.
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The Bermudian’s owner Exor refused to renegotiate terms due to the Covid-19 crisis.
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The company’s remaining underwriting teams will transfer to San Diego-based MGA platform K2.
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The deal will “capitalise on a dynamic competitive landscape and continue our strong growth trajectory”, Rod Fox says.
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The M&A deals were predominantly mergers, but there was some activity on the acquisition side as well.
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French insurer is reportedly confident despite stock prices having plummeted since the takeover was agreed.
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