Reinsurance News

Merger of Hyperion & RK Harrison Approved by Boards, Shareholders

Hyperion Insurance Group Limited and RK Harrison Holdings Limited announced the signing of the terms of agreement for the merger of the two London-based businesses, following approval by the two companies’ respective boards and shareholders. The transaction remains subject to …

Amlin, Hiscox Say They Plan to Remain Independent Amid Flurry of M&As

Lloyd’s of London insurers Amlin plc and Hiscox Ltd. both said they have enough scale to stay independent and see no need to find a buyer amid a flurry of deals in the industry. Both insurers reported lower full-year pretax …

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 …

AXA to Acquire 7% of Africa Re to Increase Pan-African Exposure

AXA has entered into an agreement to acquire a 7.15 percent stake in African Reinsurance Corporation, the leading reinsurance company in Africa. Under the terms of the agreement, the total cash consideration payable at closing would amount to USD$61 million …

Greenlight Re Reports Q4 Net Income of $60.7 Million; $109.6 Million for Year

Greenlight Capital Re Ltd., which is based in the Cayman Islands, reported net income of $60.7 million for the fourth quarter of 2014, compared to net income of $83.9 million for the same period in 2013. Net income for the …

Guy Carpenter Appoints Eagle as Head of International Analytics

Guy Carpenter has appointed Matthew Eagle as managing director and head of international analytics. Eagle will be joining Guy Carpenter’s London office on August 1, following the end of his notice period. In his role as head of international analytics …

Swiss Re Plans $1.1 Billion Share Buyback; Q4 Net Income Hit

Swiss Re AG, swimming in excess capital after several years of lower-than-expected disaster claims, plans to shift to share buybacks to return cash to investors after three years of paying a special dividend. The world’s second-biggest reinsurer announced plans on …

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 …

Loeb’s Third Point Reinsurance Ltd. Shuns Acquisitions in U.S., Europe

Third Point Reinsurance Ltd., the Bermuda-based company co-founded by hedge-fund manager Dan Loeb, said buying a competitor in the U.S. or Europe could clash with its business model. “One of our strengths is we can tell people that our money …

Arch Reports Q4 Net Income of $209.7 Million; $812.4 Million for 2014

Arch Capital Group Ltd., a Bermuda-based insurance and reinsurance company, reports that net income available to Arch common shareholders for the 2014 fourth quarter was $209.7 million, or $1.60 per share, compared to $156.0 million, or $1.14 per share, for …