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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Bublitz is one of five executives on the E&S team given expanded roles.
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The deal fits with a broader strategy of simplification that has already seen several disposals.
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Management should examine the relationship between company strategy, broader market cycles and short interest.
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The listing follows the IPO of insurance-focused Delwinds and Hippo’s union with another blank-check company at a valuation of $5bn.
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The carrier’s head of cyber, Aaron Basilius, says the market segment represents a huge opportunity.
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Pine Technology Acquisition Corp will focus its efforts on InsurTech.
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Jeffrey Batt and Michelle Ingrassia will work with Aaron Basilius, who joined from Munich Re last July.
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Lou Canaras now leads the energy division of AmTrust Title Insurance.
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Kodak shares leapt to a six-year high on July 29 as news emerged of an unusual $765mn loan from the US federal government to manufacture Covid-19 drugs.
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Aaron Basilius last month joined AmTrust as a senior vice president of cyber.
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The value of accounting adjustments made by Ronald Pipoly are said to have exceeded $300mn by the end of 2015.
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The carrier will offer workers’ comp cover through the digital portal.
