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Human behaviour now has a smaller role in determining pricing, according to the broker's president and global head of casualty.
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Covea put in an all-cash offer of EUR43 ($49.85) per share for the French reinsurer, however the offer was turned down.
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Chaucer may be the first of a number of Lloyd’s and London market insurers that are up for sale to change hands, sister publication The Insurance Insider has reported.
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If you rewind to Monte Carlo a decade ago, Nephila and other ILS managers were merely an exotic corner of the reinsurance markets – independent, small teams slugging away at building up franchises. Ten years on and the industry’s largest manager has just sold up to Markel in a landmark M&A deal, and the ILS top 10 have boomed from under $10bn to $68bn in size.
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Nephila’s sale to Markel is likely to accelerate the ILS manager’s push into primary insurance by bringing it closer to one of its key fronting partners as well as a carrier with distribution reach to the ultimate insurance buyers.
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Co-founder says the ILS manager's relationship with fronting carrier Allianz will continue.
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It affirmed the carrier’s A financial strength rating.
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Sirius International Insurance Group and Easterly Acquisition Group have named Gallatin Point Capital as one of the investors on a private placement that will raise at least $213mn.
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Aspen CEO Chris O’Kane said the acquisition by Apollo would help the group have additional scale and “take Aspen to the next level”.
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Beat Capital Partners is merging with Paraline UK, owner of the Icat Lloyd’s syndicate 4242.
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The deal would boost the Hartford’s ranking in the US commercial insurance market.