Markel builds $19bn ILS giant with Nephila acquisitionMarkel is set to control around a fifth of the global ILS space after a shock deal to acquire alternative capital giant Nephila, the carrier announced today.
AM Best goes negative on Maiden over deal uncertaintyAM 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.
Private equity houses put $213mn behind Sirius’ go-public dealA consortium of private equity firms have put $213mn behind a $2.2bn deal that will see Chinese-owned Sirius become a publicly-listed firm in the US.
Maiden in advanced talks to sell US arm as TransRe buys renewal rightsTroubled 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 dealAM 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 $350mnInvestment 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-outNYSE-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 and Apollo to close buy-out dealAspen Insurance Holdings is expected to announce this week - and perhaps as early as tomorrow - that its five month sale process has come to an end with an agreed buy-out that values the NYSE-listed firm at nearly $2.6bn.
Aspen-Apollo score drawOn 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.
Icat’s Lloyd’s business to become Beat Syndicate 4242 after mergerIcat owner Paraline has merged with venture capital firm Beat Partners in a deal that will see the recently launched investment house takeover Syndicate 4242, it was announced today.
Navigators faces break fee of up to $68.3mn if rival bid emergesNavigators will be on the hook to pay The Hartford a break fee of up to $68.2mn should the US specialty carrier receive a rival bid.
The Hartford the latest to tap into Lloyd’s with Navigators acquisitionWith the news this morning that The Hartford has inked a deal to acquire Navigators, another Lloyd’s business could find itself in the hands of an international insurance giant.
Navigators buy would expand The Hartford’s geographic reachThe Hartford’s $2.1bn deal to acquire specialty player Navigators would significantly expand the Connecticut-based personal and commercial lines giant’s geographic footprint beyond its US heartland.
Investors send Navigators stock just above The Hartford’s $70 bidInvestors appear to have faith that Navigators CEO Stan Galanski will make good use of a 30-day “go shop” provision in a $2.1bn deal that could see his firm acquired by The Hartford.
The Hartford set to acquire Navigators for $2.1bnUS insurance group The Hartford has agreed to acquire specialty insurer Navigators in a $2.1bn takeover that includes Lloyd’s Syndicate 1221.
Aspen shares up as Apollo buy-out talks continueBermudian 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.
QBE sells US personal lines business to Liberty Mutual’s SafecoQBE North America has offloaded its book of personal insurance independent agency policies to Liberty Mutual-owned Safeco.
Up-for-sale Aspen awards CFO Kirk $2mn retention bonusAspen’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 ReHeavyweight 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.
Bain Capital to buy Esure in $1.2bn acquisitionPrivate equity firm Bain Capital has agreed terms to takeover UK-listed motor insurer Esure in a $1.2bn deal.