Wholesale broker and agency Ryan Specialty has won the race to buy private Lloyd’s insurer Jubilee.
The broker, set up by former Aon chief executive Pat Ryan, is understood to have fended off rival bids from private-equity backed insurer Torus and private equity firm Lightyear Capital.
JLT Advisory has been handling the process on behalf of Jubilee. "As a result of the recent business review conducted by JLT Advisory, the board has agreed with its shareholders and capital providers to start a process that may lead to the sale of the business,” a Jubilee spokesman said.
The spokesman added: "The process is ongoing and so it would be inappropriate to comment further at this time."
Jubilee manages two syndicates at Lloyd’s. Syndicate 5820 writes global property, terrorism, accident & health and affinity & special risks. Syndicate 779 writes group life business.
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