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The non-catastrophe ILS platform hit a valuation of $1bn after a Series C funding round. -
The acquisition gives UK asset manager Liontrust a broader European footprint and cat bond products.
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Bay Risk will become part of Gallagher Re’s Global Programmes practice group, led by Andrew Moss.
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The reinsurer said in its Q4 earnings call that Argo’s takeover further diversifies its operations and adds a foundational piece to its expanding P&C activity in the US.
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The international reinsurance unit booked almost EUR1bn in revenue in 2022.
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Bowood managing director Stephen Greener will chair the entity, which is to place $6bn in GWP.
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Vesttoo's aim for the partnership is to bridge the gap between the insurance and capital markets, scaling insurance-linked investments as a source for reinsurance capacity.
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The acquisition will enable the Japanese carrier to expand further into the US and across a host of insurance lines, including property and marine.
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There is no guarantee that the process will yield a particular transaction.
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The former Chubb exec will remain on the board as an independent director, along with president and CEO Jacques Bonneau.
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The French mutual’s CEO Thierry Derez and chief of staff Sylvestre Frezal said the deal is a strategic move to adapt to new forms of risk.
