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The $1bn ILW specialist will be remained NB Insurance-Linked Strategies after the sale.
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The reinsurer said the fronting operations were “a very different business” than its own ventures division.
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The deal also brings RenRe one of the largest fronting providers.
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The $1.5bn deal also entails a reinsurance co-operation agreement between buyer and seller.
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The insurer revealed the sum in its Q3 results.
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BGC Partners has agreed to buy Lloyd's broker Ed Broking from private equity house Lightyear Capital, adding to its previous acquisition of London market intermediary Besso.
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The asset manager and Oppenheimer’s former owner MassMutual have entered into an agreement which will bring Invesco’s total assets under management to $1.2 trillion.
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Terms of the deal were not disclosed.
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Reinsurance buyer preferences may influence the direction of M&A, suggested panellists at the Baden-Baden Guy Carpenter symposium.
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Primary insurer consolidation poses more risk to the reinsurance sector than the merging of insurers and reinsurers, Scor’s Adrian Jones said.
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The sale, expected to be completed in the fourth quarter of 2018, will generate net proceeds of $130mn, Man Group said.
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The buyer expects to pay about £102mn ($134.7mn) in cash for Beaufort Underwriting Agency and its Syndicate 318.