AmTrust
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The as-yet unnamed platform will have to compete in a crowded market for M&A and lift-out opportunities. -
This follows the news that AmTrust will spin off some of its MGA businesses.
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The MGA business was valued at an enterprise valuation of upwards of $1.1bn, sources said.
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This publication reported earlier today of the asset manager’s foray into the MGA space.
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The deal represents a first entry into the US MGA market for the $1.1tn asset manager.
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Evercore has reached out to a combination of strategics and private equity houses.
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This publication had reported the program manager’s plans in April.
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The firm’s underwriting performance is hard to piece together from the limited available data.
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Colin Addy and Greg Conroy, former Vale and Chubb executives, co-head the new operation.
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Surian will be responsible for state management and class appetite, while White’s new responsibilities include agent experience, product innovation, and third-party data strategy.
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The transaction includes the MGA’s underwriting team and renewal rights to the portfolio.
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