M&A

Axis Capital CEO Albert Benchimol fully expects a combined Axis-PartnerRe to be much more active in sharing its portfolio with third-party capital providers, he said on an earnings call today.

Axis Capital and PartnerRe have agreed an $11bn "merger of equals" that will create a company with combined gross premiums in excess of $10bn and a top-five ranking among global reinsurers.

XL Group CEO Mike McGavick said that the company's £2.79bn ($4.20bn) deal to acquire Catlin will create a top 10 reinsurer with expanded alternative capital capabilities.

XL Group CEO Mike McGavick today (9 January) said that the company's £2.79bn ($4.20bn) deal to acquire Catlin will create a top 10 reinsurer with expanded alternative capital capabilities.

Catlin announced today (17 December) that it is in discussions with XL Group after the carrier approached the Lloyd's heavyweight with a £2.5bn proposal to combine the firms.

RenaissanceRe CEO Kevin O'Donnell said that the company's $1.9bn bid for Platinum Underwriters last month does not represent a strategic shift but merely a furthering of its existing strategy.

Amlin will pay an estimated $29.1mn (£18.1mn) to acquire another 35 percent share in London-based fund manager Leadenhall Capital Partners, taking its total stake to 75 percent.

One of the options for up-for-sale Montpelier Re may be to sell its Lloyd's business as a standalone unit and restructure the remainder as a fund manager, sources told sister title The Insurance Insider.

Shares in Bermudian reinsurer Montpelier Re rose by over 4 percent in early trading on the New York Stock Exchange, as sister publication The Insurance Insider broke the news that the property cat specialist had been put up for sale by its board

Cat specialist and third party capital manager RenaissanceRe has agreed to buy Bermudian peer Platinum for $1.9bn in a cash-and-stock deal, the company said.

Reinsurance executives Joe King and Enda McDonnell are set to take on co-CEO roles at Florida and Texas insurer Cypress Insurance Holdings after they agreed a deal to buy out the firm with other investors, sister publication The Insurance Insider reported.

Lloyd's (re)insurer Amlin has agreed on a deal to lift its stake in Leadenhall Capital Partners from 40 percent to 75 percent, six years after it helped launch the firm.