Mergers & acquisitions (M&A)

PWC pulls Slater & Gordon into £63m Watchstone case

PWC has filed a claim against Slater & Gordon as it brought out its defence in the legal dispute with Watchstone, which is seeking £63m in damages from the accountants for alleged breaches of contract, confidence and fiduciary duty as well as conspiracy.

Hester poised for £17.7m and Egan £6.7m from RSA sale

RSA group CEO Stephen Hester could pocket £17.74m from the sale of the insurer with UK and international CEO Scott Egan in line for a £6.67m pay out, according to analysis of the latest documents published by the provider as part of the proposed takeover…

Miller to expand employee ownership after sale

The existing partners of Miller will be reinvesting into the business to keep a “substantial minority ownership” and targeting broader employee ownership as part of the deal that sees the firm switch hands from Willis Towers Watson to Cinven and GIC.

GRP’s Mike Bruce on broker M&A speeding up in Covid-hit UK

The level of broker consolidation has risen again this year, says GRP’s group CEO Mike Bruce as he predicts more investments to come from long-term investors with vendors keen to sell due to pandemic uncertainty, rumoured tax changes, strong valuations…

RSA in £7.2bn sale talks

RSA has confirmed it is in takeover talks with Canadian insurer Intact Financial Corporation and Danish provider Tryg about a £7.2bn deal that would split up the business.

Analysis: FCA sets sights on broker failures

The Financial Conduct Authority’s Dear CEO letter at the start of September revisited its concerns about insurance intermediaries being at risk of financial failure during the Covid-19 crisis and the need to plan for orderly wind-downs.

Watchstone opens legal claim process against KPMG

Watchstone, formerly known as Quindell, has filed a claim against KPMG in the High Court believed to be related to the accountant’s 2013 audit of the business, which previously led to a £4.5m fine for KPMG and a public reprimand from the Financial…

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