R&Q acquires Global Re as FY results may “substantially” exceed expectationsRandall & Quilter Investment Holdings Ltd (R&Q) has unveiled its largest ever legacy acquisition this morning with the $80.5mn purchase of Global Re, the US arm of reinsurer Gerling Global Re that went into run-off in 2002.
AIR pegs Florence wind and storm bill at up to $4.6bnAIR Worldwide has said insured losses stemming from Hurricane Florence’s winds and storm surge will range from $1.7bn to $4.6bn.
MMC’s acquisition of JLT is about one word – growth: GlaserThe $5.6bn acquisition of JLT by MMC is all about driving growth for the buyer, according to Dan Glaser, president and chief executive of MMC.
AFL snaps up US-based MGA ZodiacLloyd’s broker AFL has acquired a majority stake in US-based Zodiac Insurance Services, for an undisclosed sum.
MMC (re)insurance business to be 40 percent bigger than rival AonMMC’s $5.6bn acquisition of Jardine Lloyd Thompson Group (JLT) will cement the group’s position as the industry’s largest global broker based on (re)insurance revenues and will also create a 40 percent top line differential based on 2017 results.
Axis promotes Helen O’Sullivan to lead Irish subsidiariesAxis has appointed Helen O’Sullivan as CEO of Axis Specialty Europe SE and Axis Re SE.
Tokio Marine Kiln taps Axis for CFO as Dover departsTokio Marine Kiln has appointed Reeken Patel chief financial officer.
Guy Carp-JLT Re set to become largest reinsurance broker…justThe combined revenue of the broking titan formed by MMC’s $5.6bn purchase of JLT Group will enable the combined reinsurance units to leapfrog Aon’s reinsurance arm to become the industry’s largest reinsurance broker based on 2017 revenues.
JLT’s shares leap 31 percent on largest-ever broker M&A dealShares in London-listed broking group JLT have soared 31 percent in early trading today in response to its shock $5.6bn takeover by US rival MMC, the largest ever acquisition of an insurance intermediary.
MMC swoops on JLT in $5.6bn takeover dealMarsh & McLennan Companies - parent company of Marsh and Guy Carpenter - is to acquire London-listed rival JLT.
KCC pegs Florence losses at $2.5bnModeling firm Karen Clark & Company has said losses from Hurricane Florence, which battered the Carolinas over the weekend, are set to reach up to $2.5bn.
Marine insurers facing EUR590mn bill for Lürssen shipyard lossMarine insurers are bracing themselves for an estimated loss in the region of EUR590mn ($687mn) after a superyacht shipyard in Germany caught fire last week, according to re-Insurance sources.
Hiscox to shrink Syndicate 33’s stamp capacity by £200mn next yearHiscox has announced plans to shrink its flagship Syndicate 33’s stamp capacity by £200mn next year as a crackdown by Lloyd’s performance director Jon Hancock rumbles on.
Covea mulling another Scor bid: ReutersCovea is considering another approach for Scor with an offer that would see the French mutual insurer commit to keeping the reinsurance giant listed in Paris, Reuters has reported.
BMS continues energy team build-out with more Price Forbes hiresLondon wholesaler BMS has continued to build out its nascent energy insurance team with three more hires from rival Price Forbes and a fourth addition from JLT.
Most of North Carolina’s flood losses uninsuredParts of North Carolina remain under water today after Hurricane Florence dumped around 33 inches of rain on to the state over the weekend.
Typhoon Jebi to cost (re)insurers up to $5.5bn: RMSTyphoon Jebi which pounded Japan earlier this month could cost insurers up to $5.5bn - according to RMS - adding to the likelihood of losses among Japanese cat reinsurers.
Maiden shares up 13% after Catalina continued stake-buildingCatalina Holdings has continued to build its stake in embattled carrier Maiden despite being recently trumped by fellow Bermuda run-off firm Enstar Group to acquire $1.3bn of reserves relating to the reinsurer’s North American arm.
EPIC deal brings together ex-Marsh heavyweights once againEPIC Insurance Brokers & Consultants’ latest acquisition has brought together two of the most senior Marsh executives from the Jeff Greenberg era.
Brindle adds CUO title at Fidelis as Savill departsFidelis boss Richard Brindle has added group chief underwriting officer to his existing responsibilities - as chairman and CEO of the Bermudian - as Ben Savill leaves the (re)insurer.