With many insurers and financial institutions looking to fund potential capital shortfalls by divesting non-core insurance businesses at attractive valuations, strategic buyers and sovereign wealth funds may be able to expand into new markets through acquisition, according to Deloitte’s “The …
Bermuda-based AXIS Capital Holdings Limited announced that William Fischer has been promoted to the position of Chief Executive Officer, AXIS Re, pending approval by the Bermuda Department of Immigration. AXIS Re comprises the reinsurance segment of AXIS Capital and its …
New York-based Tower Group, Inc. has agreed to purchase Illinois-based specialty insurer Specialty Underwriters’ Alliance, Inc. in a transaction valued at approximately $107 million. Under the terms of that agreement, SUA shareholders would receive Tower common stock equal to $6.72 …
The former head of ailing U.S. insurance giant AIG told a court Wednesday that he had a private jet fly a large block of the company’s stock to Bermuda from New York to prevent AIG from seizing it. “It was …
Standard & Poor’s Ratings Services has assigned its ‘A+’ counterparty credit and financial strength ratings to Everest Reinsurance Co. (Ireland) Ltd. S&P also said the outlook on Everest Re Ireland is stable. S&P noted that Everest Re Ireland is a …
Willis Chairman and CEO Joe Plumeri, speaking at a conference sponsored by Insurance Day in Bermuda, sees opportunities for the insurance industry in the current financial crisis. In his keynote speech, Plumeri said he believes that in a time of …
Standard & Poor’s Ratings Services has placed its ‘BBB’ counterparty credit rating on Bermuda-based IPC Holdings Ltd. on CreditWatch with negative implications. S&P also placed its ‘A-‘ counterparty credit and financial strength ratings on IPCRe Ltd. and its ‘A-‘ financial …
Bermuda-based Validus Holdings, Ltd. Is in the driver’s seat to take over IPC Holdings Ltd., following the rejection by its shareholders of the proposed amalgamation with Max Capital and Max’s termination of its proposal (See IJ web site – https://www.insurancejournal.com/news/international/2009/06/15/101364.htm). …
Morristown, New Jersey-based program manager PGI Commercial today has added a railroad protective program with coverage provided by underwriters at Lloyd’s, London. PGI was appointed by the Ark Syndicate, which leads the London market railroad protective consortium, to manage the …
The Bermuda-based Max Capital Group Ltd. Has decided to throw in the towel on its efforts to merge with IPC Holding Ltd. Following the decisive rejection of its amalgamation proposal by IPC shareholders on Friday [See IJ web site – …
