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Markel has disclosed that it will pay a total purchase price of about $200mn in cash for its acquisition of Catco Investment Management, the Bermudian retro-focused fund manager.
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Catco is preparing to expand its listed retro fund, the Catco Reinsurance Opportunities Fund, by up to $750mn ahead of its integration by Markel.
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The impact that (re)insurance consolidation would have on buying and underwriting discipline was a major point of debate at Monte Carlo, but commentators said demand for peak zone cover is less likely to be affected
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Expansive Floridian insurer Heritage Insurance has agreed to buy Zephyr Insurance Company, a specialty insurer in Hawaii, in an all-cash deal worth around $120mn.
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United Insurance Holdings (UPC Insurance) is to buy Long Island-based carrier Interboro Insurance Company for $57mn as the expansive Floridian insurer looks to build its footprint outside the Sunshine State.
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Reinsurance M&A could benefit ILS funds as larger carriers will be keen to reduce counterparty credit risk, two fund managers told Trading Risk.
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Zurich has withdrawn its offer to buy UK insurer RSA after warning of a significant loss from the Tianjin port explosions and a $200mn operating loss on its general insurance business in the third quarter.
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Vario Partners founders Quentin Moore and James McPherson say that Solvency II and insurance M&A will help drive take-up of securitised capital relief products
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Japanese insurer Mitsui Sumitomo Insurance Company (MSI) has agreed terms with Amlin to acquire the London-listed specialty (re)insurer in a cash offer worth £3.47bn ($5.4bn), the company announced today (8 September).
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Consolidation in the reinsurance industry is contributing to an uptick in demand for retro cover in 2015, although the impact is expected to be short-lived.
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Traditional reinsurers are adapting to become "gatekeepers" of insurance risk as they share more of their portfolios with alternative capital, AM Best said in its pre-Monte Carlo report on the sector
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Standard & Poor's (S&P) has warned that consolidation is unlikely to be a panacea for competitive conditions in the reinsurance market.