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Markel Catco announced that its proposed buyout of investors will be delayed until the first quarter, as a Bermuda court adjourned hearings on the scheme into early December. -
However, the deal is low-to-mid ranking in terms of book multiple.
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The two parties had previously negotiated a $9bn deal for the reinsurer last year, which was later scrapped.
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The speciality insurer is also providing multi-year capacity and paper to the climate risk shop.
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The transaction is to increase the run-off specialist’s balance sheet significantly.
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The deal marks a return for Spencer Re founder and Taussig CEO Joseph Taussig.
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After the acquisition, the Beech team will continue to be led by Geoff Stilwell, Andrew Woodhams and Matt Gates.
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The Competition and Markets Authority will investigate whether the deal lessens competition in the UK.
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The Credit Suisse-backed firm produced a small profit in the first quarter of 2021, the ratings agency said.
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The managing general agency is looking for new lines of business, having seen its cyber team and capacity provider depart ahead of renewals earlier this year.
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The broker has explained the rationale for its $3.25bn acquisition of Willis Re on an investor call.
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After the collapse of the Aon-Willis merger, Gallagher has successfully resurrected the deal that will catapult its reinsurance operation into the big league.
