M&A

The executive previously worked for Deutsche Bank's asset management division but left when the bank closed down its $100mn ILS fund last year.

The acquisition is expected to close in the second half of the year.

Swiss Re said it had ended talks with the Japanese technology investor Softbank about a possible minority stake deal.

A number of senior staff will leave XL Catlin ahead of its $15.3bn takeover by Axa.

Discussions between the reinsurer and technology investor SoftBank are at a standstill, Bloomberg News reported yesterday.

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.

HCI Group made an unsuccessful M&A approach to Federated National earlier this year.

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.

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.

Lloyd's managing agency Argenta has been given the go ahead to launch a special purpose arrangement (SPA) sponsored and capitalised by Hannover Re.

Japanese technology firm SoftBank is now closer to buying a 25 percent stake in Swiss Re for up to CHF$9.23bn ($9.66bn), according to Bloomberg News.

New York-listed insurer The Hanover has confirmed that it has hired Goldman Sachs to run a strategic review that could lead to the sale of its Lloyd's business, Chaucer.