Exin taps Pimco and Berkshire Hathaway for Ethniki funding: reportsWith just days left before it is due to table a final financing plan for Greek state-owned insurer Ethniki, Matt Fairfield’s Exin has spoken to Allianz-owned Pimco and Berkshire Hathaway about committing funds to the ongoing acquisition.
Talanx picks up Liberty’s $56mn Turkish carrierHannover Re-owner Talanx has struck a deal to acquire Liberty Mutual’s non-life insurance operations in Turkey.
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).
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.
Validus shares surge 45% after $5.6bn AIG dealShares in Validus have rocketed by 44.5 percent to as high as $67.51 as markets opened in New York as investors digest today’s news of AIG’s $68 per share offer to buy the Bermudian (re)insurer.
Noonan to walk away from Validus with $82.4mnValidus chairman and CEO Ed Noonan (pic) is set to walk away from the firm with $82.4mn in his pocket following AIG’s blockbuster deal to buy the Bermudian carrier.
AmTrust retains Deutsche to advise on $1.4bn Stone Point dealAmTrust has hired Deutsche Bank as its financial advisor to help the company navigate its proposed privatisation deal with private equity firm Stone Point Capital, it announced today.
RenaissanceRe takes minority stake in CatalinaBermudian reinsurer RenaissanceRe has signed a definitive agreement to acquire a minority stake in Catalina.
Nexus preps for sale by hiring ex-AmTrust CUOLondon-based specialty MGA Nexus has revealed plans to sell a portion of its equity as it announced that former chief underwriting officer for AmTrust’s Lloyd’s operation had joined to run its insurance and reinsurance operations.
R&Q’s share price leaps after £20mn disposal; 130 employees affectedLondon-listed Randall & Quilter (R&Q) saw its share price climb to a 3+ year high after announcing another milestone in its strategy of simplifying its business operations.
AmTrust shares jump 27% on privatisation moveAmTrust’s stock has surged over 27 percent to $12.86 in early trading in New York this morning after it was revealed that the insurer’s founding family and minority shareholder was looking to take the company private.
AmTrust CEO looks to take company private in $1.37bn dealAmTrust’s founding family has tabled a $1.37bn a deal to take the US insurer private in conjunction with the firm’s chairman and CEO Barry Zyskind as well as private equity house Stone Point Capital Partners.
Beach sale continues US-London M&A trendUS retailer Acrisure has sealed a deal to acquire (re)insurance broker Beach & Associates from Jeff Greenberg’s private equity house Aquiline.
Axis Capital gets the go-ahead to merge Lloyd’s managing agenciesAxis Capital has received approval to create a single managing agent structure for its operations at Lloyd’s following the acquisition of Novae last year.
R&Q completes exit from live Lloyd’s business with $22.6mn saleListed insurance group R&Q has now completed its exit from live underwriting at Lloyd’s following the completion of its $22.6mn managing agency sale to the US medical insurer, Coverys.
Sirius to take $720mn majority stake in Israeli insurer PhoenixSirius International has agreed terms with the Israeli business magnate Yitzhak Tshuva to acquire his controlling stake in The Phoenix Holdings in a move that may also be a litmus test for Chinese investment in the country’s insurance markets.
Lloyd’s (re)insurer Ascot launches $1bn Bermuda reinsurerAscot Group Ltd, the Lloyd’s (re)insurer owned by the Canada Pension Plan Investment Board (CPPIB), has launched a Bermudian reinsurer to be led by reinsurance veteran John Berger.