Operations/tech
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The company expects reinsurance to provide 78% of its $2.5bn gross written premium target. -
The Genstar-backed fronting carrier has struck its first deal.
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The target may find itself liable to pay $23.4mn plus costs, and its private equity bidders up to $41.5mn.
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Principals Patti Hull and Ross Schofield now report to NFP Canada managing director Brian Timmis.
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The executive will be tasked with growing the broker’s east coast business and brings deep experience in forming captives.
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The acquisitive PE-backed broker acquired businesses including Associated Benefits and Risk Consulting last year.
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InsureTrust founder and CEO Steve Haase is to retire following the sale.
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The executive, who has worked as a management liability underwriter, joined Hiscox in 2009 after nearly nine years at AIG.
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The deal including 2019 and prior-year business covers about $500mn of loss reserves.
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Jonathan Ritz will lead the target company, while existing CEO Hannon moves to become president.
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The acquisition from IA Capital is due to close in the second quarter.
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The outgoing finance chief will stand down in July but stay on in an advisory capacity until the end of the year.
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