Lloyd’s News

Fairfax Financial to Benefit From its Acquisition of Brit plc: Moody’s Report

The proposed acquisition of Brit plc by Fairfax Financial Holdings is “credit positive” for Fairfax, according to Moody’s, which noted that the deal will significantly boost Fairfax’s underwriting capacity at Lloyd’s in a recently published report. Also citing the benefits …

Brit Chief Says Excess Capital Will Spark More Mergers & Acquisitions

Brit plc Chief Executive Officer Mark Cloutier said an excess of insurance industry capital will force more executives to sell or merge their companies. Cloutier said Brit’s planned $1.88 billion sale to Prem Watsa’s Fairfax Financial Holdings Ltd., which was …

Lloyd’s Appoints First General Representative in South Korea

Lloyd’s has appointed Jin-Yung Sun as its first general representative in South Korea. Sun has worked in the (re)insurance industry for 35 years as both an underwriter and a Lloyd’s broker. He spent the first 17 years of his career …

Fairfax to Sell Shares for Brit Acquisition to Protect Credit Rating

Fairfax Financial Holdings Ltd.’s Prem Watsa, who said this week that issuing stock was one of his last options for financing the purchase of Brit plc, opted days later to sell shares and guard his company’s credit rating. Watsa, Fairfax’s …

Lancashire Seen as Target as Lloyd’s Consolidation Trend Continues

Lloyd’s of London insurers Lancashire Holdings plc and Novae Group plc may be the next in line for takeover offers after Brit plc became the second U.K. firm within weeks to be acquired. Lancashire, which gained access to the world’s …

Canada’s Fairfax to Acquire London-Based Brit for $1.88 Billion

Fairfax Financial Holdings, the Canadian property and casualty insurer run by contrarian investor Prem Watsa, said it would buy Brit plc for some $1.88 billion to become one of the top five underwriters on the Lloyd’s of London market. Watsa, …

RenaissanceRe Gets Regulatory Nod to Acquire Platinum Underwriters

RenaissanceRe Holdings Ltd. announced it has received all regulatory approvals required in connection with its previously announced acquisition of Platinum Underwriters Holdings, Ltd. The transaction remains subject to approval by the shareholders of Platinum at Platinum’s previously announced shareholder meeting …

Catlin CEO Expects Number of Mergers Among Smaller Insurers to Increase

Stephen Catlin, who is selling his Lloyd’s of London insurer to XL Group plc for $4.2 billion, expects the pace of mergers among smaller insurers to gather pace. “Anyone who has got a market value of less than $5 billion …

Beazley Bets on U.S. Unit to Offset Declining Rates at Lloyd’s Business

Beazley plc is targeting 5 percent growth for 2015 as the insurer looks to its U.S. unit to help offset falling prices for coverage at its Lloyd’s of London business. Beazley, the first of its peers to report results, forecasts …

Lloyd’s Appoints Mackinnon as General Representative in Australia

Lloyd’s, the specialist insurance and reinsurance market, has appointed Christopher Mackinnon as its new general representative in Australia. Mackinnon starts in early February and brings with him more than 21 years’ experience in the international insurance industry, having extensive knowledge …