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The (re)insurer said it had already bought an aggregate reinsurance cover for the combined Axa-XL entity and has decreased its cat exposure by about 40 percent relative to 2017.
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M&A activity in the ILS manager market is continuing despite last year’s catastrophe activity, with one start-up being acquired by its cornerstone investor and the industry’s largest firm seeking new partners.
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The reinsurer said a listing on the stock market will facilitate its growth.
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The executive previously worked for Deutsche Bank's asset management division but left when the bank closed down its $100mn ILS fund last year.
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The acquisition is expected to close in the second half of the year.
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Swiss Re said it had ended talks with the Japanese technology investor Softbank about a possible minority stake deal.
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A number of senior staff will leave XL Catlin ahead of its $15.3bn takeover by Axa.
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Discussions between the reinsurer and technology investor SoftBank are at a standstill, Bloomberg News reported yesterday.
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Florida carrier HCI has revealed details of an unsuccessful takeover bid it made for Federated National (FedNat) which resulted in a stock offer of at least $229mn.
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HCI Group made an unsuccessful M&A approach to Federated National earlier this year.
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Increased (re)insurance M&A activity may spark an increase in reinsurance buying and bring more risk to ILS markets, according to Aon Securities CEO Paul Schultz.
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Swiss Re CEO Christian Mumenthaler said yesterday that M&A was "definitely on the table" for its corporate solutions division, which has become an area of scrutiny for analysts following poor results.