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Apollo committed an additional $700mn of equity capital to Catalina on completion of the buy-in deal.
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M&A is once again at the forefront of industry minds, as Scor and RenaissanceRe have been fending off bidders and activist investors in recent weeks.
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The new platform connects holders of long-tail insurance risks with investment funds.
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But the reinsurer will likely retain its independence, experts say.
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JLT CEO Dominic Burke said acquirer MMC valued the entrepreneurial culture at the firm.
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Moving a step away from short-tail risks could be on the agenda after the insurer's takeover of the ILS giant.
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A change of ownership is envisaged comfortably before year-end, it is understood.
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The French carrier has received final regulatory approval for its $15.3bn acquisition of XL Group.
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Duperreault recognises the quality of the Bermudian reinsurance industry.
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Recent M&A deals point to the prospect of the ILS market disintermediating the reinsurance channel in future, said KBW analyst Christopher Campbell.
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Aon Securities CEO Paul Schultz said he expects more transactions like the Markel-Nephila deal in the year to come.