AmTrust completes US fee sale to Madison DearbornUS carrier AmTrust has completed the sale of a 51 percent stake in its US fee business to private equity firm Madison Dearborn in a deal struck late last year which brings the firm around $950mn in cash to boost its capital base.
Exin faces losing EUR5mn if Ethniki deal fails to completeMatt Fairfield’s Exin could be hit with a EUR5mn ($6.1mn) break clause if its faltering EUR720mn deal to buy Greek state-owned insurer Ethniki fails to complete.
High prices and debt put Berkshire off 2017 acquisitionsSeemingly high valuations and an M&A environment fuelled by cheap debt were behind Berkshire Hathaway’s muted acquisition activity in 2017 despite Warren Buffett’s firm sitting on some $116bn of dry powder.
Calamos doubles down in $41.7mn Exin disputeGreek-American billionaire John Calamos has upped the ante in his dispute with Matt Fairfield’s Exin after he filed another lawsuit against the pan-European carrier in its home jurisdiction of the Netherlands.
QBE sells LatAm business to Zurich as it confirms $1.25bn 2017 lossQBE’s new CEO Pat Regan has taken his first steps in simplifying the Sydney-headquartered (re)insurance group by selling its Latin American operations to rival Zurich for $409mn.
Regulatory barriersThe Chinese authorities are getting tougher on its insurance industry and its executives…
Swiss Re’s $400mn wildfire bill contributes to $1.2bn P&C lossSwiss Re has revealed that wildfires in California contributed to a full year catastrophe bill of $4.7bn, helping to push the group’s property and casualty operations to a $1.15bn loss for last year.
Exin requests extension for EUR720mn Ethniki bid deadline: reportsMatt Fairfield’s Exin has written to the Greek regulator to request a 15 day extension for its deadline to line up backing for its proposed acquisition of state-owned carrier Ethniki as the company fights to secure funding for the deal.
Tysers delays dividend as Integro sale talks drag onIndependent London market broker Tysers has warned shareholders not to expect the year-end dividend to be distributed in February as sale talks with potential acquirer Integro drag on, re-Insurance.com has learned.
More details emerge on Nexus mooted stake saleNexus’ recently-announced “shareholder liquidity event” is likely to take the form of a non-management individual share sale despite speculation that the MGA was weighing an IPO or full sale.
What next for Ethniki?With an apparent deadline later this week, Re-Insurance.com wonders what the team of impressive US and Greek financiers compiled by Ethniki acquirer Exin will do following the recent revelations of legal action between the firm and some of its backers…
Softbank looks for Swiss Re board seatSoftbank, the Japanese tech conglomerate that stunned markets last week after reports emerged it was mulling a $30bn stake in Swiss Re, is pushing for a seat on the carrier’s board in a bid to have a say in how the reinsurer spends its $161bn investment pot.
Lloyd’s legacy deals sealed by Enstar and R&QRandall and Quilter (R&Q) has completed a £30mn deal to take on the old Sportscover legacy book, now owned by Hamilton’s Lloyd’s platform in what is the second agreement of its type to be announced in less than a week.
Nexus appoints Panmure Gordon as it eyes stake saleLondon-based managing general agent Nexus has appointed investment bank Panmure Gordon as it ramps up efforts to sell a portion of the business, re-Insurance.com understands.
Exin facing double deadline crunch in sprint to complete EUR720mn Ethniki dealMatt Fairfield’s inchoate pan-European insurer Exin is facing two separate deadlines - with one only days away - to buy Greece’s largest insurer, if Greek reports are correct.
RSG takes on Lodestar Marine from Tawa GroupRyan Specialty Group, the MGA acquirer and wholesale broker led by Aon founder Pat Ryan, has acquired Lodestar Marine from Tawa, the run-off group backed by luxury brand billionaire Francois Pinault.
Peak Re sells 13% stake to Prudential FinancialFosun-owned Hong Kong reinsurer Peak Re has struck a deal to sell 13.1 percent of its equity to US-based carrier Prudential Financial.
Swiss Re shares finish the week flat despite Softbank investment rumoursShares in Swiss Re closed flat last week despite reports suggesting Japanese investment giant Softbank was eyeing a $10bn in the big-four reinsurance giant.
XL or XXL?Ten years ago, $1bn was the default minimum size for a global reinsurer/specialty carrier to be taken seriously.
Calamos demands Exin audits as it looks to claw back default loansThe Greek-American billionaire John Calamos has asked an Illinois court to see a full audit of Exin’s financials as part of an attempt to claw back over $41mn extended to Matt Fairfield’s company as part of its ongoing attempts to buy Greek state insurer Ethniki, according to documents obtained by re-Insurance.com.