Argo 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 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.
After 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.
US insurance giant AIG has announced the creation of an enormous Bermuda-based legacy platform.
The 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.
As 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.
Aspen 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.
Shares 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.
Everest Re shares up almost ten percent since 4Q earnings. Re-Insurance’s summary of the Everest Re 6 February investor call.
Everest Re defied analyst estimates to deliver a $556mn fourth quarter profit that climbed by more than half compared to last year as reserve releases and a reduction in catastrophe loss estimates bolstered the bottom line.
Enstar has swapped a portion of its own equity to take control of total return reinsurer KaylaRe.
Lloyd’s insurer Barbican has developed a Bermuda platform to source property business for its Syndicate 1955 staffed by former Novae underwriters.
XL Group saw operating profits fall by nearly 10 percent to 116.1mn in the fourth quarter.
Enstar has won a bidding war to take on Novae’s £840mnn ($1.1bn) legacy book, the company announced today (29 January).
Bermudian 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.
Argo surprised analysts by announcing that its fourth quarter catastrophe losses were likely to be between $34mn and $38mn.
Validus chairman and CEO Ed Noonan (pic) is set to walk away from the firm with $82.4mn in his pocket following AIG’s blockbuster deal to buy the Bermudian carrier.
AIG has struck a deal to acquire Ed Noonan’s Validus for $68 per share in a $5.56bn all-cash transaction, the company announced today (22 January).
Bermudian reinsurer RenaissanceRe has signed a definitive agreement to acquire a minority stake in Catalina.