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The PE firm held 3.1% of the company’s shares, but will now hold none. -
Sources said that the New York-based InsurTech retained Evercore to advise on the process.
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The transaction is Davies’ largest strategic M&A addition to date.
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Sources said that the platform drafted in Ardea Partners to advise on the recap.
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Insight into the state of the insurance M&A market, powered by Insurance Insider US’s comprehensive deal database.
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Sources said that Piper Sandler is advising the Dallas-based program manager on the process.
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The executive is charged with defrauding investors out of nearly $500mn.
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Earlier this year, Insurance Insider US revealed that the PE firm was looking to extend its investment.
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E&S is most exposed to growth normalization, private credit is hunting P&C and fronting is deadlocked on exits.
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Insurers are pleased, brokers are looking for trade-offs, and everyone’s talking about Howden.
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The carrier has renewed and extended its capacity arrangement with the MGA.
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The deal will give the broker access to an M&A war chest to fuel inorganic growth.
