Aspen exploring ‘many, many’ deal possibilitiesChris O’Kane, the boss of up-for-sale Bermudian carrier Aspen, has said the (re)insurer is evaluating “many, many” different deal possibilities and players.
Aspen beats estimates with $63mn profit as sale process rumbles onUp-for-sale Bermudian Aspen defied analyst expectations to book a $63mn profit for the first quarter after receiving a boost from higher reserve releases and lower cat losses than it reported time last year.
Aspen attracts wide PE and trade interest ahead of today’s bid deadlineThe bankers for up-for-sale Aspen Insurance are comparing first round indicative interest bids today ahead of a Bermuda board meeting scheduled for next week, re-Insurance.com understands.
Looking at the wrong A?With Aspen first round bids due at the end of this week, Re-Insurance.com looks at its larger Bermudian peer Axis which has a more credible track record, trades on a lower multiple and owns a better insurance franchise.
Aspen’s first round bids due next weekPotential acquirers of the up-for-sale Bermudian (re)insurer Aspen Insurance Holdings have until the 27 April to submit first round bids for the business in the sale process managed by JP Morgan and Goldman Sachs, re-Insurance.com can reveal.
Bermuda stocks back in vogue as M&A bonanza fuels strong returns With M&A speculation swirling, Bermuda is now on top of would-be buyers’ wishlists - and now everyone is a potential target. Re-Insurance.com digs into the numbers to see who has emerged as the market’s darling at the end of Q1…
Aspen Re chairman leaves with $1.4mn severance after disastrous 2017Up-for-sale Aspen has revealed that the chairman of its reinsurance business and the CEO of Aspen Re Americas Brian Boornazian has stepped down.
UPDATED: Aspen shares surge by more than 5% as sale process nearsShares in Aspen spiked by more than 7 percent in yesterday after re-Insurance.com revealed that a formal sales process was expected to be launched as soon as next week.
Aspen poised to begin $2.5bn+ sale processAspen’s bankers Goldman Sachs and JP Morgan have told potential buyers that a sales process will go live shortly and potentially as early as next week, re-Insurance.com understands.
UPDATE: Aspen shares outperform market as M&A speculation mountsShares in Aspen jumped over 4 percent by market close yesterday, drastically outperforming a Facebook-led broad equities sell-off in the latest sign investors are marking the carrier as a favoured acquisition target.
Dale takes senior underwriting duo from AspenLloyd’s third party and employers’ liability insurer Dale Underwriting has hired Richard Frost and Richard Loader as senior class underwriters.
Aspen shares leap on JP Morgan appointmentShares in Aspen Insurance spiked almost 9 percent on Friday (9 March) following reports that JP Morgan had been appointed to advise the Bermudian (re)insurer’s Board.
Aspen confirms $125mn ADC and buys more QS and XoL in 2018Bermudian (re)insurer Aspen has bought a $125mn adverse development cover (ADC) to protect against prior year deterioration and is buying significantly more reinsurance in 2018 that may inhibit its ability to rebound its net earnings.
Aspen’s O’Kane ‘ruling nothing out’ regarding M&AThe CEO of Bermudian (re)insurer Aspen Chris O’Kane has said the (re)insurer is “open minded” to a strategic review that could ultimately lead to a sale process.
Aspen loss better than expected but ‘well below’ acceptable levelsAspen has delivered a $178.1mn fourth quarter operating loss that was not as bad as analysts had expected but still “well below acceptable levels” according to the Bermudian’s chief exec Chris O’Kane.
Aspen expects $245mn Q4 UW loss as California losses biteBermudian carrier Aspen is set to post a $245mn underwriting loss for the fourth quarter including some $135mn of pre-tax losses net of reinsurance due to wildfires in California, the company announced last night.
Aspen insurance CEO steps down after poor Q4 cat performanceAspen’s CEO of insurance Stephen Postlewhite has left the company with immediate effect, just hours after the Bermudian said it was expecting to post a $245mn underwriting loss for the fourth quarter.
Bermudian (re)insurance shares leap following AIG-Validus dealShares in Bermudian (re)insurers have surged in early trading today as investors seek exposure to a further round of consolidation on the island following AIG’s announcement of its mammoth $5.56bn acquisition of Validus.