Aspen climbs on bid spec adjust

Aspen’s first round bids due next week

2018-04-19T14:33:00+01:00

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.

arita chatterjee

Envelop Risk to launch Bermuda cyber platform with Chatterjee hire

2018-04-19T08:52:00+01:00

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.

mike mc gavick 2018

McGavick stands to gain over $150mn from Axa’s XL deal

2018-04-17T16:52:00+01:00

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.

Mike McGavick, XL Group

XL Group received alternative bid in ‘low $50s’ in seven-strong M&A auction

2018-04-17T06:36:00+01:00

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.

AXA logo on building

Axa agrees $11bn bridge loan as XL back-up finance

2018-04-17T07:27:00+01:00

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.

mike mc gavick 2018

OPINION: McGavick the masterful tactician

2018-04-17T12:07:00+01:00

Allianz and five others used to tease knockout $15.3bn bid from XL…

Jonathan spry envelop risk analytics

Cyber underwriting platform Envelop Risk launches

2018-04-16T10:42:00+01:00

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.

everest logo

Everest Re reveals $100mn Q1 cat hit as California fire losses deteriorate

2018-04-12T06:28:00+01:00

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.

nasdaq stock market display

Maiden shares open up as Bermudian appoints BofA for ‘strategic review’

2018-04-06T13:51:00+01:00

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.

aspen vs bermuda stocks performance

Bermuda stocks back in vogue as M&A bonanza fuels strong returns

2018-04-03T14:53:15.32+01:00

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…

Bermuda, Flag

Aspen Re chairman leaves with $1.4mn severance after disastrous 2017

2018-03-29T13:17:00+01:00

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.

Bermuda, Hamilton

Third Point Re affirmed after strong 17.8 percent investment return

2018-03-29T07:21:00+01:00

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 for sale montage

Aspen poised to begin $2.5bn+ sale process

2018-03-28T17:08:00+01:00

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.

Aspen shares spike 28 03

UPDATED: Aspen shares surge by more than 5% as sale process nears

2018-03-28T18:18:00+01:00

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.

Brian duperreault

AIG increased Validus bid by $800mn

2018-03-27T09:15:00+01:00

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 logo on building

Axa CEO defends EUR12.4bn XL deal over smaller acquisitions

2018-03-27T09:04:00+01:00

Axa’s Thomas Buberl has defended the decision to acquire XL Group for EUR12.4bn rather than pursuing smaller acquisitions.

Bermuda, Hamilton

Lefebvre to depart Hamilton Re

2018-03-23T16:14:00+00:00

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 sign

Aon Benfield hires Meyenhofer as Bermuda chief

2018-03-20T13:50:00+00:00

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.

Marc Grandisson-Arch

Arch’s Grandisson anointed as Iordanou successor with CEO appointment

2018-03-19T09:17:00+00:00

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.

aspen financial performance 2014 17

Aspen confirms $125mn ADC and buys more QS and XoL in 2018

2018-03-07T18:08:00+00:00

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.