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.
AIG increased Validus bid by $800mnValidus CEO Ed Noonan extracted an additional $800mn from AIG during negotiations between the two firms late last year and in January this year before they agreed a final $5.56bn takeout price.
Axa CEO defends EUR12.4bn XL deal over smaller acquisitionsAxa’s Thomas Buberl has defended the decision to acquire XL Group for EUR12.4bn rather than pursuing smaller acquisitions.
Lefebvre to depart Hamilton ReHamilton Re’s chief underwriting officer for casualty business Claude Lefebvre is set to leave the company at the end of the month, it announced today (23 March).
Aon Benfield hires Meyenhofer as Bermuda chiefAon Benfield has named Matthias Meyenhofer, formerly head of EMEA global clients at its rival Guy Carpenter, as its new CEO of its Bermuda business.
Arch’s Grandisson anointed as Iordanou successor with CEO appointmentConstantine Iordanou has stepped down as CEO of Arch Capital Group Ltd to make way for Marc Grandisson and paving the way for his long-term colleague to succeed him.
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.
Axa swoops for XL with $15.3bn buyout offerAfter weeks of speculation Axa emerged as the victor in the race to buy XL Group with a $15.3bn (EUR12.4bn) all cash offer that sets the scene for further consolidation in the global P&C market.
Bermudian shares soar on XL coat-tailsShares in Bermudian (re)insurers posted gains in early US trading on the back of Axa’s blockbuster $15.3bn offer for XL Group, with mooted takeover target Aspen leading the way with a rise of around 5 percent.
Under pressure Maiden shares hold up despite AM Best downgradeShares in Maiden Holdings closed broadly flat on 2 March following a downgrade by AM Best earlier that day as investors acknowledged the Bermudian’s lower dependence on financial strength ratings compared to its peers.
Hurricanes push Starstone to underwriting loss as Atrium breaks evenThe trio of Atlantic hurricanes that battered parts of the US and the Caribbean also took their toll on Starstone’s profits, while reserve releases kept fellow Enstar subsidiary Atrium in the black for 2017.
Legacy gold rush continues with Quest’s $300mn+ Bermuda buildRe-Insurance.com tracks all the fund-raisings in 2017-18 as interest in the discontinued sector continues to grow…
Maiden shares plunge as investors punish AmTrust reserve chargeShares in Maiden plunged by as much as 16 percent in early morning trading in New York as investors pummelled the Bermudian reinsurer for a $139mn reserve charge on a book of business written by its sister company AmTrust.
Quest to launch $300mn+ Bermuda run-off vehicleLegacy acquirer Quest Group is poised to launch a new Bermudian run-off vehicle with more than $300mn of capital, re-Insurance.com understands.
Armour Group steels itself for potential CBL regulatory twin fightReinsurance capital likely to be trapped in two regulatory jurisdictions which could complicate collections…
US tax reforms prompt new James River Bermudian vehicleJames River Group has set-up a new subsidiary - Carolina Re - in response to tax reforms in the US passed by the Trump administration last December.
PartnerRe posts 99.3 percent 2017 combined ratioDespite $120mn in net losses from the Q4 California wildfires and over $100bn in industry-wide cat losses for the year, Bermudian reinsurer PartnerRe kept its combined ratio below 100 percent in 2017.
Argo just beats estimates as reserves buoy Q4 resultsArgo Group has defied analyst predictions to deliver a modest $0.3mn fourth quarter operating profit as reserve releases and revised catastrophe loss estimates bolstered the bottom line.
Arch beats estimates as profits surgeArch Capital delivered an expectation-topping $187.4mn operating profit in the fourth quarter as it dodged significant losses from the catastrophes that plagued the industry in the final months of 2017.
JP Morgan makes U-turn on $14bn Allianz–XL deal outlookAfter initial scepticism, JP Morgan now says Allianz’s rumoured bid for Bermudian XL Group could make sense for the German heavyweight’s shareholders even at a hefty take out price of $14bn - or around $54 a share.