Reinsurance News

EXOR Raises Bid for PartnerRe by 5.8%, Aiming to Overcome Rival AXIS Offer

EXOR SpA upped the ante in the takeover battle for PartnerRe Ltd., raising its bid by 5.8 percent to overcome a rival offer from AXIS Capital Holdings Ltd. EXOR, the investment vehicle of Italy’s billionaire Agnelli family, now plans to pay …

A.M. Best: Australia’s Nat Cat Losses Will Challenge Underwriting Profits

A string of recent major natural catastrophe events in Australia is expected to materially affect non-life insurers’ upcoming earnings for the fiscal year that ends June 30, 2015, according to an A.M. Best briefing. However, the Best’s Briefing, titled, “Recent Natural Catastrophe …

XL Appoints Citigroup Veteran McQuade as Chairman After Catlin Acquisition

XL Group plc, the insurer that acquired Catlin Group Ltd., named Citigroup Inc. veteran Eugene McQuade as chairman as the company prepares for increased regulatory scrutiny. McQuade, a director since 2004, replaces Robert Glauber, who had been chairman since 2009 …

AXIS Said to Value PartnerRe Deal by Viewing Montpelier, Catlin Acquisitions

AXIS Capital Holdings Ltd., seeking to complete a merger with PartnerRe, is highlighting the prospects for growth of a combined company. AXIS projects the post-merger market valuation will reach a level akin to those of other insurers targeted in recent deals, …

Mulray Joining Everest National as Chief Underwriting Officer for U.S.

Everest Re Group Ltd. said that Michael Mulray will be joining the company as chief underwriting officer for the U.S. insurance operations of its Everest National Insurance Co. Mulray joins Everest from General Electric Co., where he spent the last …

Italy’s EXOR to Consider Increasing $6.4B Offer for PartnerRe: Sources

Italy’s EXOR SpA will consider raising its $6.4 billion offer for reinsurer PartnerRe Ltd at a board meeting on Tuesday, two sources told Reuters. The Italian holding company, controlled by the Agnelli family, made its all-cash offer for PartnerRe in April, …

Third Point Re Reports Q1 Net Income of $50.5M, Up From $39.8M in Q1 2014

Bermuda-based Third Point Reinsurance Ltd. reported first quarter net income of $50.5 million, or $0.47 per diluted common share, compared with net income of $39.8 million, or $0.37 per diluted common share, for the first quarter of 2014, an increase of 26.9 percent. For the three months …

Beazley Reports Q1 Premiums Up 6% to $546 Million

Beazley plc reported that first quarter premiums grew by 6 percent to $546 million, compared to $516 million in 2014. Beazley’s largest division, specialty lines, wrote $226 million during the first quarter, which is an increase of 19 percent compared …

AXIS Capital Could Attract Offer From Arch Capital: Report

AXIS Capital Holdings Ltd. climbed in New York trading on Wednesday after “Insurance Insider” reported that the company, which has agreed to merge with PartnerRe Ltd., could draw a bid from Arch Capital Group Ltd. AXIS could attract an offer if its …

Hannover Re’s Q1 Net Income Increases 20.1% to $311.8 Million

During the first quarter, Hannover Re generated net income of 279.7 million euros ($311.8 million), a 20.1 percent increase over the 233.0 million euros ($260 million) reported for the same period last year. “The fact that we were able to …