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Inside P&C’s morning summary of the key stories to get you up to speed fast. -
At the end of October, the investor decreased its stake in the specialty insurer to around 3.05% from over 6.3% at the end of Q3, filings show.
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RACQ will cede net reserves of approximately A$360mn (~$247mn), and Enstar will provide around A$200mn (~$130mn) of cover in excess of the ceded reserves.
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Reagan reported that 631 deals were announced in 2022 compared to 977 in 2021, representing a ~35% decline year-over-year.
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Inside P&C’s news team runs you through the key highlights of the week.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Management of the insurance broking business should seek to seize the opportunities of independence with both hands.
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The deal regards international and North America financial lines, European and North American reinsurance portfolios, and several US discontinued programs.
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The Truist Insurance Holdings CEO also said that the velocity of acquisitions would now increase.
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Management was speaking after the announcement that Stone Point finalized a deal with Truist to acquire a 20% stake in its insurance broking business at a valuation of $14.75bn.
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The experienced sector investor will take a 20% stake in the business, in line with prior reporting from Inside P&C.
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As we stand today, the InsurTech consolidation prophecy has not come to pass, even after a period of tanked valuations and dwindled access to capital.
