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The move comes just days after the Warren Buffett-controlled conglomerate reached the $1tn market cap mark for the first time. -
Westaim reported roughly $79mn in net proceeds from the sale.
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Reagan Consulting has been retained to advise the ~$125mn Utah-based brokerage.
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The conglomerate now owns around 27 million Chubb shares valued at roughly $6.9bn, compared to nearly 26 million in Q1.
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The industry could weather a recession, unless loss costs and reserving pressures worsen.
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S&P’s Insurance Select industry index had fallen by 2.7% at market close.
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The funds were contributed to support the specialty carrier’s growth.
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BHMS joins a group of Boost backers that includes Markel, Canopius US and management.
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With the deal, 1970 secured capital to boost its liquidity management services for insured companies.
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The Hartford and Aon also posted notable, though more muted, stock bumps.
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Travelers and Selective’s releases point to ongoing reserving challenges this earnings season.
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The news follows a string of deals that the stop-loss segment has seen in recent months.
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