Exin requests extension for EUR720mn Ethniki bid deadline: reportsMatt Fairfield’s Exin has written to the Greek regulator to request a 15 day extension for its deadline to line up backing for its proposed acquisition of state-owned carrier Ethniki as the company fights to secure funding for the deal.
Tysers delays dividend as Integro sale talks drag onIndependent London market broker Tysers has warned shareholders not to expect the year-end dividend to be distributed in February as sale talks with potential acquirer Integro drag on, re-Insurance.com has learned.
More details emerge on Nexus mooted stake saleNexus’ recently-announced “shareholder liquidity event” is likely to take the form of a non-management individual share sale despite speculation that the MGA was weighing an IPO or full sale.
What next for Ethniki?With an apparent deadline later this week, Re-Insurance.com wonders what the team of impressive US and Greek financiers compiled by Ethniki acquirer Exin will do following the recent revelations of legal action between the firm and some of its backers…
Softbank looks for Swiss Re board seatSoftbank, the Japanese tech conglomerate that stunned markets last week after reports emerged it was mulling a $30bn stake in Swiss Re, is pushing for a seat on the carrier’s board in a bid to have a say in how the reinsurer spends its $161bn investment pot.
Lloyd’s legacy deals sealed by Enstar and R&QRandall and Quilter (R&Q) has completed a £30mn deal to take on the old Sportscover legacy book, now owned by Hamilton’s Lloyd’s platform in what is the second agreement of its type to be announced in less than a week.
Nexus appoints Panmure Gordon as it eyes stake saleLondon-based managing general agent Nexus has appointed investment bank Panmure Gordon as it ramps up efforts to sell a portion of the business, re-Insurance.com understands.
Exin facing double deadline crunch in sprint to complete EUR720mn Ethniki dealMatt Fairfield’s inchoate pan-European insurer Exin is facing two separate deadlines - with one only days away - to buy Greece’s largest insurer, if Greek reports are correct.
RSG takes on Lodestar Marine from Tawa GroupRyan Specialty Group, the MGA acquirer and wholesale broker led by Aon founder Pat Ryan, has acquired Lodestar Marine from Tawa, the run-off group backed by luxury brand billionaire Francois Pinault.
Peak Re sells 13% stake to Prudential FinancialFosun-owned Hong Kong reinsurer Peak Re has struck a deal to sell 13.1 percent of its equity to US-based carrier Prudential Financial.
Swiss Re shares finish the week flat despite Softbank investment rumoursShares in Swiss Re closed flat last week despite reports suggesting Japanese investment giant Softbank was eyeing a $10bn in the big-four reinsurance giant.
XL or XXL?Ten years ago, $1bn was the default minimum size for a global reinsurer/specialty carrier to be taken seriously.
Calamos demands Exin audits as it looks to claw back default loansThe Greek-American billionaire John Calamos has asked an Illinois court to see a full audit of Exin’s financials as part of an attempt to claw back over $41mn extended to Matt Fairfield’s company as part of its ongoing attempts to buy Greek state insurer Ethniki, according to documents obtained by re-Insurance.com.
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.
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.
XL, Aspen and the M&A barometerAs XL Group’s share price spiked over 12 percent last night in the midst of Softbank’s bold wade into the (re)insurance arena with a mooted minority stake in Swiss Re, the industry’s M&A speculation barometer shot through the roof.
Swiss Re confirms possible $10bn investment from SoftbankSwiss Re has confirmed reports that Japanese investment giant Softbank is mulling a significant minority investment that could see it acquire around 30 percent of the European reinsurance powerhouse.
XL shares soar as Wall Street acquisition rumours reach fever pitchShares in XL Group were trading up by more than 12 percent as markets closed on Wednesday after reports that potential acquirers were circling the Bermuda-headquartered group.
Valuations further deter Everest Re from large-scale M&AEverest Re shares up almost ten percent since 4Q earnings. Re-Insurance’s summary of the Everest Re 6 February investor call.
Exin sued by backer Calamos; EUR1.1bn Ethniki sale in major doubtExin, the ambitious pan-European insurance vehicle set up by ANV founder Matt Fairfield, is facing a major obstacle in its bid to complete the agreed sale of Greece’s largest insurer Ethniki after its major backer revealed it was suing the company for more than $41mn.