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Italian investment vehicle Exor has increased its bid for PartnerRe from $130 to $137.50 per share and acquired enough shares in the reinsurer to become its largest shareholder.
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PartnerRe has said that it will retrocede $36mn of agricultural premiums to its Lorenz Re sidecar in the April renewals, according to its first quarter earnings call.
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Axis president and CEO Albert Benchimol said his firm was "fully committed" to a merger with PartnerRe after Exor made a rival proposal 15.8 percent higher than its bid.
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Canadian pension giant Ontario Municipal Employees Retirement System (Omers) has agreed to buy up to 29.9 percent of Brit Insurance from Fairfax Financial.
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The Agnelli family's investment firm Exor looks to have scuppered the proposed acquisition by Axis proposed of PartnerRe with a $6.4bn all-cash bid that values the company at a significant premium to the recommended all-paper offer.
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BB&T Corporation has sold Florida insurer American Coastal to management at US hurricane managing general underwriter (MGU) AmRisc.
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Endurance will maintain Montpelier Re's Blue Capital asset management platform after closing its $1.83bn acquisition of the Bermudian reinsurer, according to the company's chief financial officer Mike McGuire.
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Endurance CEO John Charman said the company's proposed $1.83bn acquisition of Montpelier Re would provide the company with a "natural introduction" to the business of managing capital for third-party investors.
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On 22 September 2014, the US Treasury and the Internal Revenue Service (IRS) gave notice that they intend to issue new regulations that would limit certain tax benefits many US corporations claimed were available from transactions in which they "inverted" or were taken over by a non-US corporation
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XL and Catlin have agreed on the reinsurance leadership structure following their merger, which will establish five regional CEOs all reporting to group reinsurance head Greg Hendrick
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Shareholders of Platinum Underwriters have today (27 February) overwhelmingly voted in favour of all proposals relating to the company's pending acquisition by RenaissanceRe.
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Standard & Poor's (S&P) believes that the recent string of mergers and acquisitions will not slow down falling rates or ease competitive pressures in the reinsurance industry
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