Maiden shares open up as Bermudian appoints BofA for ‘strategic review’Shares in Bermudian reinsurer Maiden have risen in early morning trading in New York - despite trade war fears prompting a broader market slump - after the company announced it had appointed Bank of America Merrill Lynch to conduct a “strategic review” of its operations.
Howden buys majority stake in Turkish broker ACPHowden has agreed to acquire a majority stake in Turkish broker ACP, buying out private equity fund Mediterra Capital for an undisclosed sum.
Navigators mulling sale of Lloyd’s platformUS specialty carrier Navigators is weighing up a sale of its Lloyd’s business after a disappointing performance in 2017 pushed its Syndicate 1221 to a £15mn ($21.1mn) underwriting loss for the year, re-Insurance.com understands.
HPS and Madison Dearborn complete deal to buy CompassPrivate equity firms HPS Investment Partners and Madison Dearborn Partners (MDP), which own acquisitive broking house Broker Network, have completed a deal to buy London-based wholesaler Compass.
Swiss Re sees M&A opportunity in P&C but high pricing remains a barrierSwiss Re is prepared to conduct M&A through its Corporate Solutions arm in the P&C market but high pricing levels and a still difficult market situation are proving to be a sticking point, its CEO Christian Mumenthaler said today (4 April).
Softbank Swiss Re stake 'expected not to exceed 10%'Swiss Re has poured cold water on the suggestion that Japanese investment powerhouse Softbank is set to take a substantial stake in the company by saying any capital investment would likely target 10 percent or less of outstanding shares.
Bermuda stocks back in vogue as M&A bonanza fuels strong returns With M&A speculation swirling, Bermuda is now on top of would-be buyers’ wishlists - and now everyone is a potential target. Re-Insurance.com digs into the numbers to see who has emerged as the market’s darling at the end of Q1…
Will XL’s $15.3bn M&A SEC proxy filing pile more pressure on AXA’s Buberl?Axa’s rival Allianz is widely believed to be the XL Group under-bidder. If there is a big discrepancy in prices offered then it may fuel further Axa shareholder ire in the direction of its youthful German CEO…
S&P downgrades Chaucer as Hanover eyes saleRatings agency S&P has lowered Chaucer’s financial strength rating (FSR) by one notch from A to A- as the Lloyd’s carrier’s US owner The Hanover Group (THG) weighs up selling off the business.
BLP and Bryan Cave merger completesThe merger of law firms Bryan Cave and (re)insurance specialists Berwin Leighton Paisner (BLP) completed over the weekend.
Integro seals Tysers deal in £110mn saleThe protracted sale of Tysers has finally reached a conclusion after the London-market broking house reached a £110mn deal with acquisitive US intermediary Integro, re-Insurance.com understands.
Swiss Re shares rise as Softbank closes in on $9.6bn stake dealJapanese investment powerhouse Softbank is nearing a deal with Swiss Re to buy a 25 percent stake in the reinsurer for around $9.6bn, according to reports.
NBG ‘considering all options’ as Exin loses exclusivity in Ethniki chaseMatt Fairfield’s Exin has failed to secure funding in time for a National Bank of Greece (NBG) deadline today (28 March) in its EUR720mn ($890mn) bid for state-owned insurer Ethniki, according to a presentation obtained by re-Insurance.com.
UPDATED: Aspen shares surge by more than 5% as sale process nearsShares in Aspen spiked by more than 7 percent in yesterday after re-Insurance.com revealed that a formal sales process was expected to be launched as soon as next week.
Aspen poised to begin $2.5bn+ sale processAspen’s bankers Goldman Sachs and JP Morgan have told potential buyers that a sales process will go live shortly and potentially as early as next week, re-Insurance.com understands.
The Hanover appoints Goldmans to explore Chaucer saleUS carrier and Chaucer owner The Hanover today (28 March) announced that it has appointed investment bank Goldman Sachs to explore a sale of the Lloyd’s syndicate.
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.
Axa CEO defends EUR12.4bn XL deal over smaller acquisitionsAxa’s Thomas Buberl has defended the decision to acquire XL Group for EUR12.4bn rather than pursuing smaller acquisitions.
Darag teams up with New Nordic in live market playLegacy acquisition specialist Darag has partnered with managing general agent- and insurance company- owner New Nordic in move that will allow the run-off buyer to take on run-off books which also contain live business.
Fosun waiting in the wings for Ethniki if Exin bid topplesChinese conglomerate Fosun is prepared to submit a second bid for Greek insurer Ethniki should Matt Fairfield’s Exin fail to secure financing for its EUR718mn ($885.6mn) bid by a 28 March deadline.