International News

Will Ratings Concerns Hinder Reinsurer M&A, Hedge Fund ‘Play’? -Litmus Analysis

In the “investment banker 101 playbook” for cyclical industries the reinsurance industry has arrived at the page marked “weak pricing due to too much competition; sell M&A services to our clients,” wrote Stuart Shipperlee, Analytical Partner at London-based Litmus Analysis*. …

XL’s CEO McGavick Says He’s Open to Deals for Life Reinsurance Unit

XL Group Plc Chief Executive Officer Michael McGavick said he’s open to proposals for the company’s life reinsurance business as investment firms expand their pursuit of deals for such assets. “There has been increasing interest in transactions in this space,” …

Aspen Rejects Endurance’s $3.2B Hostile Acquisition Bid As ‘Ill-Conceived’

Bermuda-based Endurance Specialty Holdings Ltd. today offered to buy Aspen Insurance Holdings Limited, also based in Bermuda, for $3.2 billion, or $47.50 per Aspen share, in a hostile takeover. The combined company would have more than $5 billion of combined …

Cyclone Ita Landfall in Queensland as Cat 4; Cat 3 as It Moves Inland: AIR Analysis

According to catastrophe modeling firm AIR Worldwide, “Tropical Cyclone Ita crossed the north Queensland coast near Cape Flattery between 11:00 and 12:00 UTC (9-10 p.m. Australian Eastern Standard Time [AEST]) Friday, April 11, as a Category 4 cyclone (on the …

Willis Highlights Coverage Gap of $100 Million in Uninsured Cargo Losses

“In recent years cargo losses worth more than one hundred million dollars have not been recovered under traditional cargo insurance policies due to critical exposures being excluded,” warned Willis Group Holdings plc. Willis said: “Heightened levels of political unrest and …

Willis Strengthens Capital Markets Unit in Asia, London

Willis Group Holdings plc announced two key appointments to further strengthen its capital markets division, Willis Capital Markets & Advisory (WCMA). Rui Huang joins Willis as Senior Vice President. He is based in Hong Kong and will be charged with …

Firefighters Battle Killer Blaze in Valparaiso, Chile

A large forest fire raging in the Chilean port city of Valparaiso has killed at least two people and destroyed 500 homes, officials said Sunday. Thousands of people have been evacuated, including more than 200 female inmates at a prison. …

Magnitude 7.6 Quake, Heavy Waves Strike Solomon Islands

A powerful magnitude-7.6 earthquake triggered large waves in the Solomon Islands on Sunday, and authorities were trying to determine if there was any serious damage or injuries. Government spokesman George Herming said people throughout the Pacific island chain awoke to …

Impact Forecasting to Launch Combined Chile Quake/Tsunami Cat Model

Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, announced the launch of a Chile earthquake model that also incorporates tsunami risks, the first such model to do so. The  launch is timely in view of the catastrophic …

Global Reinsurer Capital at All-Time High of $540 Billion: Aon Benfield

The latest edition of the Aon Benfield Aggregate (ABA) report estimates that global reinsurer capital totaled $540 billion as of December 31, 2013, an increase of 7 percent ($35 billion) over the year, with net income up 16 percent to …

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