M&A

EWI provides services for captives and mutual insurance companies as well as run-off and legacy solutions.

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.

The insurer is buying a new £500mn cover to sit beneath its SuperCat and MegaCat treaty cover for 1 January.

New owner AJ Gallagher will be able to support tech and other investments in the ILS platform.

The deal follows up a EUR10mn ($11.7mn) private subordinated debt placement in July 2017.

The transaction makes Canopius a top-five insurer in the Lloyd’s marketplace.

Horseshoe CEO Andre Perez and other employees will continue to operate from their present locations, reporting to Artex CEO Peter Mullen.

The acquisition will not impact the ILS fund manager, managing partner and president Richard Pennay has said.

The Japanese carrier will acquire the White Plains, New York-based high-net-worth specialist via Tokio Marine HCC.

Assured Guaranty paid $160mn in cash for the alternative asset management firm which has $18.9bn in assets under management.

Bold Penguin has raised $32mn from a series B funding round.

Michael Halsband was formerly a partner at Drinker Biddle & Reath.