M&A

Citrus Re sponsor Heritage Insurance Holdings is set to take on the $60mn portfolio of business previously written by failed Floridian insurer Sunshine State Insurance Company (SSIC), after 10 companies put in bids for the portfolio

Endurance has refinanced its second bid for Aspen, replacing plans for an equity investment from private equity company CVC with a $1.0bn bridging loan facility from Morgan Stanley, as it increased its offer from $47.50 per share to $49.50 per share.

London-headquartered private equity fund CVC Capital is backing Endurance's $3.2bn hostile bid for Aspen

United Insurance Holdings expects to buy fellow Floridian insurer Sunshine State Insurance Company (SSIC) and will inject capital to restore the latter's Demotech rating.

Bermudian start-up vehicle GreyCastle Holdings, whose backers include large family offices and university endowments, has agreed to buy XL Group's life reinsurance business for $570mn in cash.

Aspen Insurance Holdings has launched a wide-ranging attack on Endurance's $3.2bn bid to acquire the Bermudian (re)insurer, arguing that the pairing would be a "strategic mismatch".

London-headquartered private equity fund CVC Capital is backing Endurance's bid for its Bermudian peer Aspen, the (re)insurer said as it confirmed details of its $3.2bn cash-and-shares offer.

Cayman Islands start-up reinsurer Southport Re is to be sold to Lennox Investments LLC for an undisclosed sum, according to reports.

The Canada Pension Plan Investment Board (CPPIB) has agreed to buy life reinsurer Wilton Re for $1.8bn from a group of investors led by Stone Point Capital, Kelso & Company, Vestar Capital Partners and FFL.

Ratings agency AM Best has removed Hamilton Re, formerly SAC Re, from under review with negative implications and affirmed its A-financial strength rating.

Data and analytics group CoreLogic has acquired catastrophe modelling company Eqecat from its parent ABS for an undisclosed sum, a CoreLogic spokesperson has confirmed.

Two Sigma and Duperreault lead SAC Re buyout; Cayman cuts fees; European storms; ILS market could take on terror risk