Validus
-
Additional disclosure following the RenRe acquisition reveals results for both carriers for the nine months to 30 September last year.
-
Morgan Stanley and Golman Sachs exercised in full their right to buy 945,000 shares in the company.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
The review will continue until the deal closes and the agency evaluates “organizational changes and strategic positioning within the new structure”.
-
The carrier intends to use the cash raised as part of its consideration for Validus.
-
The deal is not predicted to have a long-term impact on RenRe’s financial leverage, AM Best said.
-
The takeover will push it up two places to rank as the fifth-largest writer of P&C reinsurance by gross premium.
-
The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
-
The drivers that led to the consolidation in the reinsurance industry might not replicate for a while.
-
Owning a cat reinsurer is off-strategy for a firm trying to curb volatility, but a sale would be hard to execute.
-
The changing reinsurance market dynamics are impacting reinsurers' ability to raise rates.
-
Sven Wehmeyer, who will remain as CEO of Validus’s Zurich-domiciled reinsurance arm, replaced Steve Bardill as head of international on 1 June.
-
The diversification benefits and complementary capabilities Validus affords AIG, along with the parent’s move to split its life and P&C operations, factored into the upgrade.
-
His arrival comes in the wake of a series of departures from Validus Re’s specialty reinsurance team.
-
Tom Gregory, Cameron Maffit, Mark Robinson and Patrick Reardon have now started in their new roles.
-
Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
-
New management and capital have a number of advantages, but they are undertaking a turnaround.
-
The deal including 2019 and prior-year business covers about $500mn of loss reserves.
-
Validus executive Cossu and nine of her team move to Hudson.
-
Ex-Ariel CFO Angus Ayliffe becomes the latest member to join the team, which Jeff Clements will lead.
-
Sources said AIG is offering some staff guaranteed bonuses and stay packages.
-
After the departure of Validus Re CEO Jeff Clements, Inside P&C compiles all the post-acquisition exits.