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As part of the deal, 1347 PIH received five-year rights of first refusal to provide reinsurance on up to 7.5 percent of FedNat’s catastrophe reinsurance programme.
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The Grahame Chilton-founded firm will become Gallagher's reinsurance partner if a deal is finalised.
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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.
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Currently, most people trying to describe the ILS manager world might break the peer group into three broad categories: reinsurer-affiliated platforms, independent owner-operated firms and asset manager-backed vehicles.
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The insurer is buying a new £500mn cover to sit beneath its SuperCat and MegaCat treaty cover for 1 January.
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New owner AJ Gallagher will be able to support tech and other investments in the ILS platform.
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The deal follows up a EUR10mn ($11.7mn) private subordinated debt placement in July 2017.
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The transaction makes Canopius a top-five insurer in the Lloyd’s marketplace.
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Horseshoe CEO Andre Perez and other employees will continue to operate from their present locations, reporting to Artex CEO Peter Mullen.
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The acquisition will not impact the ILS fund manager, managing partner and president Richard Pennay has said.
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The Japanese carrier will acquire the White Plains, New York-based high-net-worth specialist via Tokio Marine HCC.