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...He hailed a recovery in the unit, which posted an underwriting profit in 2022 for the first time since its takeover of the group....
...The new syndicate was announced on the day of its full-year results, which confirmed its best underwriting performance since 2007....
...Apollo went public with it in 2017, before BC Partners took it private again in a $2.1bn deal two years later....
...It was listed in New York until it was bought by Apollo five years ago....
...The move has already caused ructions among direct insurers, contributing to the decisions of insurers such as State Farm to stop underwriting new home cover in California....
...Its underwriting profit reached £5.9bn, up from £2.6bn....
...Apollo, Brookfield, Carlyle, KKR and JPMorgan all declined to comment....
...Last week, Hipgnosis agreed on a deal with its US rival Concord Chorus, backed by Apollo, to take the highly watched company private. Then on Saturday, all that changed....
...Hiscox has created an artificial intelligence model in collaboration with Google that can automate the core underwriting process for specialist risks, hailing it as a first for London’s insurance market....
...Probitas’s Lloyd’s underwriting syndicate has increased its annual premiums by a fifth every year since 2019, taking in £288mn in 2023....
...Apollo also held preliminary talks with Matt Moulding’s THG before saying it did not intend to make an offer for the business....
...The rating agency recently upgraded its credit rating on an improved underwriting performance and a stronger balance sheet. Lloyd’s has also made progress in reviving face-to-face trading....
...CVC will also become the latest private equity group to go public, following US peers including Blackstone, KKR & Co and Apollo Global Management as well as European rivals EQT and Bridgepoint....
...Last year, Oasis, which largely owns stocks in Japan, became the biggest shareholder in The Restaurant Group before the Wagamama owner agreed a £506mn sale to private equity group Apollo....
...The private capital machine is underwriting financings worth up to billions at a time for the likes of Air France, Hertz, AT&T, SoftBank, Anheuser-Busch and others....
...As it turns out, the Apollo/Athene combination has proved much more deft than it may appear....
...Blackstone, KKR and Apollo Global have neared or eclipsed record highs recently, while European competitor EQT has seen its fee-earning assets soar since going public....
...The Apollo offer followed a months-long activist campaign, led by Hong Kong-based fund Oasis Management, pushing for a shake-up at TRG, which also owns pub chain Brunning & Price....
...Apollo dines on the UK market After failed talks to buy a range of UK public companies from education group Pearson to Matthew Moulding’s THG, US private equity giant Apollo Global Management finally looks...
...To fill the multibillion- dollar hole, Bankman-Fried began a fundraising drive that included contacting Apollo about an emergency investment....
...Analysts at Stifel said this week that the Apollo offer could “flush out” a rival bid....
...Large private equity groups such as Blackstone and Apollo were drawn into the corporate lending market, expanding well beyond their leveraged buyout roots, while other more specialist groups including HPS...
...Fees underwriting these risky deals in the US have risen 35 per cent year to date to $1.8bn, according to data from LSEG, and are up 10 per cent globally....
...Concerns over effect on deal-focused culture The appearance of private equity groups on public markets took off in the years after the 2008 financial crisis when US giants Blackstone, KKR, Apollo Global...
...IAG was one of the main insurers behind $10bn of cover arranged for Greensill through Bond & Credit Co, an underwriting agency the Australian insurer owned a 50 per cent stake in before selling it to Tokio...
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