Potential 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.
Hannover Re’s Bermuda-based cyber expert Aritra (Ari) Chatterjee has joined start-up Envelop Risk as chief underwriting officer and will launch an underwriting platform on the island later this year, re-Insurance.com can reveal.
XL 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.
XL Group, the Bermudian (re)insurer that succumbed last month to an all cash $15.3bn takeover at $57.60 per share from French powerhouse Axa, had M&A discussions with seven different potential acquirers and received a non-binding alternative bid in the “low $50s” from an unnamed carrier.
If 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.
Allianz and five others used to tease knockout $15.3bn bid from XL…
A new data analytics-led cyber (re)insurance platform, Envelop Risk, has been launched today (16 April) with a bold ambition to create next-generation cyber insurance products and deploy augmented-intelligence underwriting with support from the advanced US data analytics firm QxBranch and Scandinavian alternative investor, New Nordic Advisors.
Bermudian reinsurer Everest Re has said it expects to take around $100mn in catastrophe losses in its Q1 results, largely due to deterioration in loss estimates for the California wildfires which scarred swathes of the state last autumn.
Shares in Bermudian reinsurer Maiden have risen in early morning trading in New York - despite trade war fears prompting a broader market slump - after the company announced it had appointed Bank of America Merrill Lynch to conduct a “strategic review” of its operations.
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…
Up-for-sale Aspen has revealed that the chairman of its reinsurance business and the CEO of Aspen Re Americas Brian Boornazian has stepped down.
Despite never having made an underwriting profit, the total return reinsurer Third Point Re (TP Re) has had its AM Best A- (excellent) financial strength rating affirmed by AM Best after another strong year of investment returns.
Aspen’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.
Shares 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.
Validus 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’s Thomas Buberl has defended the decision to acquire XL Group for EUR12.4bn rather than pursuing smaller acquisitions.
Hamilton 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 has named Matthias Meyenhofer, formerly head of EMEA global clients at its rival Guy Carpenter, as its new CEO of its Bermuda business.
Constantine 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.
Bermudian (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.