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Additional disclosure following the RenRe acquisition reveals results for both carriers for the nine months to 30 September last year.
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R&Q is still dealing with a Bermudian regulatory review, personnel turnover and a transitioning business model.
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Just over half of votes cast were in favour of the $465mn sale to Onex.
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The Italian carrier will buy out joint venture partner CNPC Capital.
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The broker said there was a “record level of dry powder” waiting to be deployed.
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The legacy carrier has acquired two portfolios of European casualty and motor liabilities from two separate insurance groups.
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This follows a challenging period for business last year.
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Selling investor Zimmer said the deal was concluded at a premium to book value, but no numbers were disclosed.
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In the second part of our themes for 2024 outlook, we explore how fear of missing out in cat reinsurance is still contrasting with an upstreaming of risk that is creating fallout for primary insurers, while momentum in facilitisation and ESG continues.
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In the first section of our two-part outlook for 2024, we explore why macro-economic concerns are taking a step back, though casualty pricing micro-cycles highlight ongoing caution.
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The deal’s consideration consisted of a cash payment of $119mn and the 13.5% equity interest that Enstar held in Northshore, the parent of Lloyd’s underwriter Atrium.
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The deal follows this publication’s report that the Bank of America-run sale process of Castel was drawing robust interest.
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