Bermuda

O’Kane acknowledges likely Aspen exit after $2.6bn Apollo deal

Aspen Insurance Holdings CEO Chris O’Kane has acknowledged there will likely be senior management changes at the Bermudian firm once the agreed $2.6bn buy-out by investment heavyweight Apollo Global Management closes next year.

O’Kane acknowledges likely Aspen exit

AM Best goes negative on Maiden over deal uncertainty

AM Best has put Maiden’s “A-” financial strength rating at risk after the Bermudian announced plans to offload its $1.1bn North American business and sell a significant renewal book to TransRe.

PartnerRe replaces Exor CEO as chairman

Bermudian carrier PartnerRe has named Brian Dowd its next chairman as it unveiled a restructure of its board of directors.

Maiden in advanced talks to sell US arm as TransRe buys renewal rights

Troubled Bermudian Maiden has struck a deal to sell a portfolio to TransRe and revealed that it is in “advanced discussions” to offload its $1.1bn North American business to an as-yet-unnamed third party.

AM Best puts Aspen’s rating under review after $2.6bn Apollo deal

AM Best has said it is reviewing Aspen’s “A” rating after the announcement earlier this week that the Bermudian had reached a $2.6bn deal to be acquired by Apollo Global Management.

Apollo can walk away if Aspen downgraded or net cat losses exceed $350mn

Investment firm Apollo Global Management can walk away from its agreed $2.6bn acquisition of Bermudian (re)insurer Aspen Insurance Holdings if the Bermudian (re)insurer is downgraded by either AM Best or S&P rating agency before the transaction completes, Aspen’s 8-K filing today confirms.

Aspen confirms $2.6bn Apollo buy-out

NYSE-listed Aspen Insurance Holdings has confirmed this morning that it has agreed to a $2.6bn buy out from investment heavyweight Apollo Global Management, as predicted by re-Insurance.com yesterday.

Aspen-Apollo score draw

On the 24 July, re-Insurance.com revealed that investment heavyweight Apollo was now in advanced talks with NYSE-listed Aspen with a likely final bid in the region of 1.1x-1.15x price to tangible net assets.

Willis Re reinforces Bermuda platform with major rival hire

Willis Re’s growing influence in Bermuda will be bolstered by the imminent arrival of TigerRisk’s well-regarded executive, Andrew DiLoreto, once his notice period is complete.

Willis Re takes Tiger’s DiLoreto

Willis Re in Bermuda has hired former TigerRisk broker Andrew DiLoreto, re-Insurance.com can reveal.

Aspen shares up as Apollo buy-out talks continue

Bermudian Aspen and investment heavyweight Apollo Global Management will continue discussions this week over an acceptable price and key terms that - if agreed - could lead to a recommended circa $2.55bn deal being formally put both to the Aspen board later this month, re-Insurance.com can reveal.

IGI top line surges 20% in first half of 2018

Dubai-headquartered carrier IGI booked $165.9mn in gross written premium in the first six months of 2018, an increase of 20 percent compared to the first half of last year.

CatCo shares slip amid ‘uncertainty’ over last year’s losses

London-listed shares in Markel’s ILS fund manager CatCo slid this morning after the carrier alluded to uncertainty about last year’s catastrophes in its first-half results for 2018.

Up-for-sale Aspen awards CFO Kirk $2mn retention bonus

Aspen’s group CFO Scott Kirk has been awarded a long-term retention bonus of $2mn only months after his “change of control” golden parachute payment entitlement was increased.

Apollo launches new Bermuda reinsurer Acra Re

Heavyweight investment firm Apollo Global Management has formed a new Bermudian (re)insurer, which is expected to be used as a platform for writing large P&C and life trades, re-Insurance.com can reveal.

AM Best warns that Maiden’s reserve charge has been ‘noted’

Ratings agency AM Best has said it would not be taking any action against Bermudian reinsurer Maiden in the wake of its disappointing second quarter results, but warned that “changes in equity and reserves through the first six months of 2018 have been noted”.

Aspen’s high noon fast approaches

The six months of uncertainty for up-for-sale Bermudian carrier Aspen will end soon - and perhaps even as early as this time next week, sources close to the company suggest.