M&A

Generali's shares rose more than 8 percent in trading today after the insurer disclosed a new EUR1.2bn ($1.29bn) investment that gave credence to M&A speculation surrounding the carrier.

Aon is reportedly close to announcing a sale of part of the Hewitt business it acquired in 2009

Canadian pension fund giant the Ontario Municipal Employees Retirement System (Omers) is in talks with Fairfax Financial to help fund the latter's takeover of Allied World, according to Bloomberg

Elliott Management has closed its previously announced acquisition of a controlling interest in ILS manager Aeolus, the companies announced.

Allied World's investment portfolio will transfer to Fairfax when its $4.85bn sale to the Canadian company closes next year, but this will cover only one aspect of its partnership with Bermudian ILS manager Aeolus.

M&A activity among smaller Floridian insurers is expected to increase after a challenging year for the local market, as Elements Property Insurance Company (Epic) has been put up for sale, sources said.

Fairfax Financial Holdings has agreed to buy Allied World Assurance in a $4.9bn cash and equity deal.

Apollo-backed life and annuities reinsurer Athene Holding is set to raise $1.08bn from its New York initial public offering (IPO) after pricing shares in the middle of a previously announced range

Liberty Mutual has agreed to buy specialty insurer Ironshore from Fosun in a deal that values the company at around $3bn or 1.45x tangible book value.

United Insurance Holdings (UIHC) has agreed to a five-year restrictive covenant that will prohibit it from investing or acquiring managing general agencies (MGAs) as part of its deal to purchase American Coastal

Bermudian carrier Argo has agreed to buy catastrophe (re)insurer Ariel Re for $235mn in cash, confirming a report earlier today from sister publication The Insurance Insider

Nephila Capital's fronting partner State National reported a 2 percent year-on-year increase in programme services revenues to $19.3mn in the third quarter