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The carrier has agreed to acquire the former Credit Suisse ILS unit, following the acquisition of sister company Humboldt Re in 2021. -
Financials Acquisitions Corp is looking to extend its merger deadline and raise “substantial” extra funds.
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Removing any competitor is a positive for ILS peers in a competitive time for fundraising, but it is not clear how much of a boost this will give RenRe.
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The takeover will push it up two places to rank as the fifth-largest writer of P&C reinsurance by gross premium.
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AIG will invest a significant amount into Fontana and DaVinci.
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The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.
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The deal includes AIG's AlphaCat platform.
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The AJ Gallagher-owned ILS services provider is expanding its footprint globally.
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The non-catastrophe ILS platform hit a valuation of $1bn after a Series C funding round.
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The acquisition gives UK asset manager Liontrust a broader European footprint and cat bond products.
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Bay Risk will become part of Gallagher Re’s Global Programmes practice group, led by Andrew Moss.
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The reinsurer said in its Q4 earnings call that Argo’s takeover further diversifies its operations and adds a foundational piece to its expanding P&C activity in the US.
