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Founder and CEO of Nascent Andre Perez will join Sephira’s board of directors. -
Seller White Mountains will retain a roughly 15% fully diluted equity stake.
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The business has been ~70% owned by White Mountains since January 2024.
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Spectrum joins investors ForgePoint, Hudson and MTech.
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The deal is expected to result in $700mn in combined GWP in Florida upon completion.
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The leadership’s commentary spotlighted to value of ILS to the group.
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It is understood that CyberCube has been considering a sale of the business.
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The Japanese carrier faces integration challenges to make a success of the deal.
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Aspen Capital Markets earned $169mn in fee income in 2024 alone.
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The purchase brings Sompo an established ILS platform as part of the deal.
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The Bermudian firm has an active ILS division, unlike the Japanese conglomerate’s insurance divisions.
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The transaction is expected to close later this year.
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