Validus swings to loss as AIG takeover completesValidus has posted a loss of $32.9mn in the second quarter, a week after AIG completed its all-cash $5.56bn acquisition of the Bermudian (re)insurer.
AIG completes $5.56bn Validus takeoverAIG has completed its all-cash $5.56bn acquisition of Bermudian (re)insurer Validus in a deal that also bags the US insurance giant Lloyd’s syndicate Talbot.
AIG takes Swiss Re’s Miller to head US property underwritingUS insurance giant AIG has taken Jamie Miller from Swiss Re as chief underwriting officer for North American property within its general insurance division.
Nat cats push AIG Europe to $582.4mn 2017 lossThe natural catastrophes that plagued 2017 were a key contributor to the £431.5mn ($582.4mn) loss that AIG Europe posted in 2017.
AIG shares shed 10% as investors react to Q1 underwriting lossInvestors have punished AIG by wiping almost 10 percent off the firm’s share price this morning after the firm posted a $251mn Q1 underwriting loss including $376mn of catastrophe losses after markets closed yesterday.
AIG targeting sub 100% combined ratio by end of the yearAIG is aiming to get its general insurance combined ratio below 100 percent by the end of 2018 despite expectations that its North American business will post another underwriting loss this year.
Reserve releases fail to offset AIG’s $376mn cat bill as profits sinkAIG’s profits sank by almost a third in the first quarter as reserve releases failed to completely soften the blow from a $376mn catastrophe bill after mudslides in California, storms across the northeast of the US and an earthquake in Papua New Guinea.
Validus disappoints analysts as combined ratio creepsAIG’s latest acquisition, Validus, significantly underperformed against the expectations of analysts as the combined ratio deteriorated and reinsurance spend almost doubled.
AIG transfers business to newly established European companiesAIG 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.
AIG increased Validus bid by $800mnValidus 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.
Supreme Court dashes Greenberg’s final hope for AIG bailout challengeThe US Supreme Court has called time on former-AIG CEO Hank Greenberg’s attempts to challenge the US government’s enforced $182bn bailout of the insurer during the financial crisis.
AIG loses bid to reject Woodford D&O coverAIG has lost an appeal to deny directors’ and officers’ cover to former Olympus CEO Michael Woodford (pic) over the executive’s ongoing lawsuit with KeyMed related to his administration of the company’s pension pot.
Legacy gold rush continues with Quest’s $300mn+ Bermuda buildRe-Insurance.com tracks all the fund-raisings in 2017-18 as interest in the discontinued sector continues to grow…
UPDATE: AIG shares climb almost 5% after resultsShares in AIG were up almost 5 percent when the opening bell rang at the New York Stock Exhange this morning after the US insurance giant announced its fourth quarter and full year results.
JLT hires AIG’s marine and aviation big hitter Joe TrottiJLT has hired AIG’s former head of global marine and aerospace Joe Trotti, Re-insurance.com can reveal.
Validus scrapes a profit despite 110% combined ratioSoon-to-be AIG-owned Validus eked out a fourth quarter profit that was well below the expectations of analysts as California wildfire losses took their toll on the bottom line.
Sold Ascot, bought Validus: the renaissance of reinsurance?18 months ago AIG sold the well regarded Lloyd’s carrier Ascot for approximately 1.6 times book. Today it’s buying Validus and its Lloyd’s platform Talbot for around the same multiple. Why the strategic U-turn?
AIG purchases Validus for $5.56bn cashAIG has struck a deal to acquire Ed Noonan’s Validus for $68 per share in a $5.56bn all-cash transaction, the company announced today (22 January).
Bermudian (re)insurance shares leap following AIG-Validus dealShares in Bermudian (re)insurers have surged in early trading today as investors seek exposure to a further round of consolidation on the island following AIG’s announcement of its mammoth $5.56bn acquisition of Validus.
Validus to remain independent after $5.6bn AIG acquisitionValidus will not be integrated wholesale into AIG after the US insurance giant’s bumper $5.56bn acquisition of the Bermudian carrier completes, AIG CEO Brian Duperreault has revealed.