AIG has moved forward with its Brexit planning as it paves the way to transfer its existing business to two newly-established insurance companies in the UK and Luxembourg.
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…
European catastrophe data provider Perils has increased its loss estimate for extratropical cyclone Friederike to EUR1.63bn ($2.02bn).
The deputy governor of Ireland’s central bank has fired a warning shot to the “astounding” number of Irish insurers that say they do not expect to be impacted by the UK’s departure from the European Union.
The Russian authorities appear to have taken aim at the big three reinsurance brokers’ dealings in the country after a report in a state-run newspaper said the companies’ dealings with the Russian National Reinsurance Company (RNRC) were under “investigation” by the Interior Ministry.
Howden has agreed to acquire a majority stake in Turkish broker ACP, buying out private equity fund Mediterra Capital for an undisclosed sum.
Amanda Blanc is to succeed Gary Shaughnessy as CEO of Zurich Insurance’s Europe, Middle East & Africa (EMEA) business.
Swiss Re is prepared to conduct M&A through its Corporate Solutions arm in the P&C market but high pricing levels and a still difficult market situation are proving to be a sticking point, its CEO Christian Mumenthaler said today (4 April).
Swiss Re has poured cold water on the suggestion that Japanese investment powerhouse Softbank is set to take a substantial stake in the company by saying any capital investment would likely target 10 percent or less of outstanding shares.
Scor has revealed that the deputy CEO of its global P&C business Benjamin Gentsch is to depart with Laurent Rousseau set to step in and fill his shoes.
Japanese investment powerhouse Softbank is nearing a deal with Swiss Re to buy a 25 percent stake in the reinsurer for around $9.6bn, according to reports.
Matt Fairfield’s Exin has failed to secure funding in time for a National Bank of Greece (NBG) deadline today (28 March) in its EUR720mn ($890mn) bid for state-owned insurer Ethniki, according to a presentation obtained by re-Insurance.com.
The fire in a Russian shopping mall which caused the deaths of at least 64 people has led to calls for the government to introduce liability insurance laws after it emerged the complex owner had not purchased cover.
Ilias Tsakiris, the CEO of the American Hellenic P&I club, has had charges filed against him in connection with an investigation into alleged heroin smuggling by Greek shipping magnate Vagelis Marinakis, re-Insurance.com understands.
Axa’s Thomas Buberl has defended the decision to acquire XL Group for EUR12.4bn rather than pursuing smaller acquisitions.
Legacy acquisition specialist Darag has partnered with managing general agent- and insurance company- owner New Nordic in move that will allow the run-off buyer to take on run-off books which also contain live business.