Reinsurance News

XL Group Creates Venture Capital Fund, XL Innovate; Hutton Named as Head

XL Group plc announced the creation of XL Innovate, an XL-sponsored venture capital initiative. The new fund will be led by Tom Hutton, a past director of XL who has a history of creating successful insurance and financial technology ventures, …

BlackRock, ACE Raise $800 Million to Form Bermuda Reinsurer

BlackRock Inc., the world’s largest money manager, and Evan Greenberg’s ACE Ltd. raised $800 million for a reinsurance venture, at the low end of the announced range. ABR Reinsurance Capital Holdings Ltd. raised the funds through a private placement, the …

Endurance to Acquire Montpelier for $1.8 Billion

Bermuda-based Endurance Specialty Holdings Ltd. and Montpelier Re Holdings Ltd. announced a merger today, in which Endurance will acquire Montpelier in a stock-cash deal for roughly $1.8 billion. Specifically, the deal consideration consists of 0.472 shares of Endurance and $9.89 …

A.M. Best: Germanwings Crash May Put More Pressure on Aviation War Sector

A.M. Best said the total insurance loss of Germanwings Flight 4U9525, which crashed in the French Alps on March 24, 2015 killing 150 people, may put further pressure on the beleaguered aviation war sector. The total insurance loss for the …

Oaktree-Backed Insurer Seeks to Raise $2 Billion, Plans IPO Within Five Years

Oaktree Capital Group LLC is among investors backing a Bermuda insurance venture that’s seeking to raise $2 billion with plans for an initial public offering within five years. Fidelis Insurance Holdings Ltd. is led by Richard Brindle, the former chief executive officer of Lancashire …

Miller Appoints Milner to Help Build Cyber & Technology Book

Miller, the London-based specialist insurance and reinsurance broker, has hired Simon Milner, in a production and broking role in the cyber and technology area. In a press release, Miller said the appointment underlines its plans to build on the growth …

IRB Brasil RE Seeks to More Aggressive Growth in Latam, Africa; Weighs IPO

IRB Brasil RE plans to grow more aggressively in Latin America and Africa as part of an expansion that may require Brazil’s largest reinsurer to seek an initial public offering or tap an outside partner before 2018, Chief Executive Officer …

ACE, Blackrock Seek Up to $1.3 Billion for Bermuda Reinsurance Venture

BlackRock Inc., the world’s largest money manager, and Evan Greenberg’s ACE Ltd. are forming a reinsurance venture that is seeking to raise $800 million to $1.3 billion. The business is named ABR Reinsurance Capital Holdings Ltd. and is based in …

A.M. Best Affirms Ratings of Third Point Reinsurance & Subsidiaries

A.M. Best has affirmed the financial strength rating (FSR) of A- (Excellent) and the issuer credit rating (ICR) of “a-” of Third Point Reinsurance Company Ltd. (TPRCL) (Bermuda) and Third Point Reinsurance (USA) Ltd. (TPRUSA) (Bermuda). A.M. Best also has …

Willis Re Introduces Suite of Flood Analytics for Canada Insurance Market

Willis Re, the reinsurance division of Willis Group Holdings plc, has unveiled a new suite of flood solutions offering analytical capabilities that will enable insurers to proactively manage Canada flood accumulations. Based on the analytics provided by Willis Re’s strategic …