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.

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.

xlbuilding bermuda

Axa’s bid for XL tops industry multiples

2018-04-17T13:50:00+01:00

The AXA-XL proxy statement highlights the impressive valuation achieved by the Bermudian firm; nearly 2x tangible and fully diluted price to book. How does it compare to other M&A in the sector…

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.

lloyds exterior lime st

Navigators mulling sale of Lloyd’s platform

2018-04-05T15:40:00+01:00

US specialty carrier Navigators is weighing up a sale of its Lloyd’s business after a disappointing performance in 2017 pushed its Syndicate 1221 to a £15mn ($21.1mn) underwriting loss for the year, re-Insurance.com understands.

London, city skyline

HPS and Madison Dearborn complete deal to buy Compass

2018-04-04T10:49:00+01:00

Private equity firms HPS Investment Partners and Madison Dearborn Partners (MDP), which own acquisitive broking house Broker Network, have completed a deal to buy London-based wholesaler Compass.

Standard and poors

S&P downgrades Chaucer as Hanover eyes sale

2018-04-03T11:35:00+01:00

Ratings agency S&P has lowered Chaucer’s financial strength rating (FSR) by one notch from A to A- as the Lloyd’s carrier’s US owner The Hanover Group (THG) weighs up selling off the business.

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.

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.

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…

Lloyd's analysis

Lloyd’s sale rush raises existential questions

2018-04-10T06:15:00+01:00By

The recent influx of Lloyd’s platforms onto the M&A market has raised a plethora of issues for what the sales rush means for the future of the market - as well as what the sudden spike in supply could do to already frothy takeout multiples.

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