O’Kane focuses on Aspen 2.0 as second round M&A beginsAspen published its first set of results last week since beginning a formal sale process which ensured even greater scrutiny than usual on its turn-around plans.
Aspen bankers narrow bidders as second round beginsGoldman Sachs and JP Morgan will formally notify parties which have made it through to the second round auction process for the up-for-sale Bermudian (re)insurer Aspen early this week, re-Insurance.com can reveal.
Dacey hints at other investment interest in Swiss Re aside from SoftBankSwiss Re chief financial officer John Dacey has hinted that the company is in discussions with other investors surrounding a potential stake in the Zurich-based (re)insurer.
The Hanover would use Chaucer sale to fund US growthJohn Roche, CEO of The Hanover has said that the firm would use the proceeds from the sale of its Lloyd’s business and international arm Chaucer to finance domestic expansion.
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.
The Hanover smashes profit estimates as Chaucer sale still on the cardsThe Hanover comfortably beat earnings expectations to post a profit of $84mn in the first quarter as the carrier hailed the performance of its up-for-sale Lloyd’s business Chaucer.
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.
FedNat’s share price climbs on HCI’s merger offerFlorida insurer Federated National (FedNat) has seen its share price rise sharply today in early trading on NASDAQ following revelations yesterday evening that it had rebuffed a merger overture from rival HCI Group.
FedNat rebuffed HCI merger overtures: PatelFederated National (FedNat) declined to engage with M&A interest from its Floridian peer HCI which was prompted by the latter’s belief that its proprietary tech could improve the company’s returns, HCI chief exec Paresh Patel has revealed.
High M&A price tags deterring further market consolidationThe spate of high-profile deals this year has dominated talk on the Q1 conference calls but the high price tags are making CEOs jittery.
Ethniki bidder receives boost from Greek Union as Chinese firms circleExin, the aspiring owner of Greece’s largest insurer Ethniki, appears to have received a boost from an unlikely source as it continues its odyssey to raise EUR720mn to buy a majority share of the firm.
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.
Axa’s US IPO could bag up to $4.3bn for XL dealAxa’s plan to float its US financial services business Axa Equitable Holdings could bag the French insurance giant up to $4.26bn to put toward its $15.3bn acquisition of XL Group.
Axa US IPO prep nets $3.2bn to fund XL acquisitionAxa has secured around $3.2bn of new funds from a reorganisation linked to the pending IPO of its US unit which will be put towards its $15.3bn acquisition of XL Group.
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.
McGavick stands to gain over $150mn from Axa’s XL dealXL Group CEO Mike McGavick could earn up to $154.3mn from the $15.4bn deal with French insurer Axa which would take his total holdings in the Bermudian to $180mn, or 1.18 percent of total equity.
Axa’s bid for XL tops industry multiplesThe AXA-XL proxy statement highlights the impressive valuation achieved by the Bermudian firm; nearly 2x tangible and fully diluted price to book. How does it compare to other M&A in the sector…
Axa agrees $11bn bridge loan as XL back-up financeIf Axa is unable to raise subordinated debt or IPO its US business - Axa Equitable Holdings - in time to complete it’s $15.3bn takeover of XL Group later this year then it can call on a bridge financing facility that was initially $11bn.