Co-founded by former Tata AIG CEO Neelesh Garg, the Indian start-up is eyeing a broader product rollout, including commercial vehicle and group health offerings, in the coming months.
Four consecutive years of W&I rate declines in Asia-Pacific have coincided with rising claims notifications and MGA exits, as competition among insurers and agents intensifies.
The deal sees BP Marsh exit Amiga while retaining a stake in Sodalis and reunites Amiga CEO Adam Kembrooke with Sodalis CEO Colin Thompson, former colleagues at Nexus.
AUB Group said its board viewed the A$45 per share offer as fair but confirmed talks ended after PE firms declined to make a binding offer at the proposed valuation.
