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The insurer expects to close the transaction during 2022 upon Chinese regulatory approvals.
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The company also acquired Programs Plus, which will add underwriting management and policy administration services for various programs.
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Mosaic said the partnership marked an expansion of its syndicated programme launched last December.
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Following similar purchases in 2021, top-20 broker Alera aims to bolster operations across personal and business lines, wealth services and employee benefits.
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The parties decided to terminate the business combination agreement due to “current unfavorable market conditions”.
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Aggregate settlements during 2021 amounted to $1.8bn, falling 18.2% from the $2.2bn aggregate amount in 2020, Nera data showed.
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The Denver-headquartered broker took a stake in insurance software provider Highwing, surety bonds digital distribution agency Propeller and AI-powered platform Layr.
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TigerRisk Capital Markets has been retained to advise, and the business is being marketed to run-off carriers.
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The new company will focus on expanding into US coastal areas.
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The partnership will be supported by Patriot’s FBinsure platform and increase Patriot’s P&C expertise and footprint in Massachusetts and Rhode Island.
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The broker continues its growth plan with a new specialty, wholesale and program administration company.
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With the deal, the specialty carrier adds nine office locations and 86 employees to its current network of direct operations.