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M&A

  • Japanese big three insurer Sompo is in advanced discussions with Endurance, the Bermudian (re)insurer confirmed.
  • The Canada Pension Plan Investment Board (CPPIB) has agreed to buy Lloyd's insurer Ascot in a $1.1bn deal, the company announced
  • Cooperation and joint ventures provide a better way for the insurance industry to consolidate and achieve efficiencies than M&A, Axis Re CEO Jay Nichols said at this morning's Pre Monte Carlo briefing, hosted by sister title The Insurance Insider
  • Twelve Capital is looking to bring in new backing as one of its original stakeholders wants to find an exit, Trading Risk understands.
  • The merger between United Insurance Holdings and American Coastal creates growth opportunities but there are questions over sourcing business after an exclusive deal with American Coastal's production partner expires, according to JMP analyst Matt Carletti
  • ILS managers Nephila and Aeolus are among the top providers of reinsurance to both United Insurance Holdings and American Coastal, which agreed a merger deal yesterday (17 August).
  • United Insurance Holdings CEO John Forney said that the company expected to achieve significant reinsurance synergies from its merger with fellow Floridian insurer American Coastal.
  • AIG has agreed to sell its mortgage insurance business United Guaranty Corporation (UGC) to Arch Capital in a $3.4bn deal.
  • Schroders lifted its share in Zurich-based ILS manager Secquaero Advisors to a majority 50.1 percent earlier this year after buying up an additional 20.1 percent of equity.
  • Horseshoe Group has acquired Ikonic Fund Services to set up an independent fund administrator and insurance manager for the ILS sector, with more than $20bn in assets under administration.
  • Fronting carrier State National is set to begin acquiring insurance shell companies for Nephila Capital this year, which will give it separate entities to write primary business on behalf of the Bermudian fund manager.
  • Apollo-backed Athene Holding is preparing for a public flotation and has filed a registration statement with the US Securities and Exchange Commission