Aspen Insurance shareholders have voted to accept the $2.6bn takeover by alternative investment heavyweight Apollo Global Management clearing the way for the acquisition to complete next year subject to regulatory approval, according to sources. Shareholders will receive $42.75 per share from Apollo’s wholly owned subsidiary Highland Holdings Ltd, which valued the firm at around 1.1x… Continue reading Aspen Shareholders Back $2.6B Apollo Acquisition
Tag: reinsurance
$7 Billion Acrisure Refuels for Further M&A Growth
Acrisure has secured significant new investment from key backers led by Blackstone in a transaction that implies a valuation of over $7bn for the rapidly growing US-based intermediary. Grand Rapids, Michigan-headquartered Acrisure said in a statement that Blackstone, Partners Group and Harvest Partners SCF had supported the transaction, which means they had now invested or… Continue reading $7 Billion Acrisure Refuels for Further M&A Growth
Specialty Broker Ed Appoints New London CEO as Hearn Named Head of BGC’s Insurance Division
Global reinsurance, wholesale and specialty broker, Ed, has appointed Andrew Draycott Chief Executive Officer (CEO) designate of Ed Broking in London, with current Group CEO of Ed Broking, Steve Hearn, set to become the new head of BGC Partners’ insurance division. Draycott’s appointment remains subject to regulatory approvals and he is set to take on… Continue reading Specialty Broker Ed Appoints New London CEO as Hearn Named Head of BGC’s Insurance Division
Axa XL Commits to Using More ILS Capacity to Continue De-Risking; Raises Profit Targets
Axa XL will continue de-risking its cat exposures in 2019 through increased use of ILS, selective underwriting and more reinsurance purchasing, Axa XL CEO Greg Hendrick explained on Wednesday. Speaking to investors in London, he committed the firm to continuing a “significant reduction” of net nat cat exposures in line with the group’s reduced cat… Continue reading Axa XL Commits to Using More ILS Capacity to Continue De-Risking; Raises Profit Targets
California Wildfires Could Have Negative Credit Implications for Reinsurance Industry: Fitch
Downside credit risks from the California wildfires are currently most pronounced for investor-owned utilities (IOU), which could face large liabilities if IOU equipment is found to have ignited the fires. However, negative credit implications could emerge for the (re)insurance industry and the U.S. public finance sector, given the potential for a state-wide economic slowdown, damaged… Continue reading California Wildfires Could Have Negative Credit Implications for Reinsurance Industry: Fitch
AXA XL’s Reinsurance Operation Acquires New Ocean Capital Management
AXA XL’s Reinsurance operation has completed the acquisition of all third party ownership interests in its majority-owned asset management affiliate, New Ocean Capital Management Limited (“New Ocean”). New Ocean is now a wholly-owned subsidiary within AXA XL’s Alternative Capital business, under the leadership of Daniel Brookman, AXA XL’s Head of Alternative Capital. Chris McKeown, who… Continue reading AXA XL’s Reinsurance Operation Acquires New Ocean Capital Management
AIG Launches Fortitude Re in Partnership with Carlyle Group
American International Group (AIG) has created a new run-off reinsurer called Fortitude Re in collaboration with global alternative asset manager The Carlyle Group. The companies announced in August 2018 that they had entered into a partnership to build AIG’s Bermudian legacy reinsurance platform, DSA Re (now Fortitude Re), into a standalone provider of reinsurance.… Continue reading AIG Launches Fortitude Re in Partnership with Carlyle Group
QBE Sells Farmers Union Business to National General
Specialist insurer QBE North America is selling its Farmers Union Insurance business to National General Holdings as part of its strategy to reinforce focus on its core offerings and improve future earnings profile. Farmers Union Insurance consists of the personal insurance and farm owner business, as well as the Telecommunications Insurance Programme (TIP). The deal… Continue reading QBE Sells Farmers Union Business to National General
SEC Told AIG to Improve Reinsurance Disclosures
The U.S. Securities and Exchange Commission told American International Group Inc to improve disclosures about its use of reinsurance to mitigate losses in its property and casualty unit, according to correspondence made public on Friday. After reviewing AIG’s 2017 annual filing, SEC staff asked the insurer to add information that includes details about the amount… Continue reading SEC Told AIG to Improve Reinsurance Disclosures
AXIS Capital Estimates Up to $120M in Hurricane Michael Losses
Bermudian reinsurance group AXIS Capital has released a preliminary pre-tax loss estimate for losses related to Hurricane Michael in the fourth quarter, which it puts in the range of $100 million to $120 million. AXIS said that its estimate was consistent with industry insured losses of approximately $10 billion. This compares with the recent industry… Continue reading AXIS Capital Estimates Up to $120M in Hurricane Michael Losses