Reinsurance News

Buffett Helps Ireland’s Vhi Insurance Avoid Bailout with $99M Subordinated Loan

Irish state-owned health insurer Vhi Insurance DAC borrowed money from Warren Buffett’s Berkshire Hathaway Inc. to help avoid a bailout as the company comes under central bank regulation for the first time. Berkshire gave Vhi a 90 million-euro [$97.6 million) …

PartnerRe, M&A Focused, Suffers Large Investment Losses in Q2

PartnerRe has enough on its plate juggling a proposed merger with AXIS Capital Holdings Ltd. and an unsolicited bid from the Italian investment firm EXOR SpA. Now there is a sizable second-quarter loss with which to contend, due to a …

Aspen Reports Q2 Net Income of $49M, Operating Income of $72.2M

Aspen Insurance Holdings Limited, headquartered in Bermuda, reported net income after tax of $49.0 million for the second quarter ended June 30, or $0.62 per diluted share, compared to net income after tax of $130.8 million reported during the same …

Everest Re Reports Q2 Net Income of $209.1M; Down from $290.2M in Q2 2014

Bermuda-based Everest Re Group Ltd. reported second quarter 2015 net income of $209.1 million, or $4.68 per diluted common share, compared to net income of $290.2 million, or $6.26 per diluted common share, for the second quarter of 2014. After-tax …

PartnerRe Investors Should Vote Against Merger with AXIS: Glass Lewis

PartnerRe Ltd. investors should vote against a planned merger with rival reinsurer AXIS Capital Holdings Ltd., proxy adviser Glass Lewis & Co. said in a recommendation that’s a victory for hostile bidder EXOR SpA. “The liquidity, certainty and immediate premium of …

Energi Opens Northwest Regional Office in Washington

Energi has opened the company’s first Pacific Northwest regional office in Kirkland, Wash. The office outside of Seattle will house a number of insurance and risk management professionals serving the company’s clients and partners in the Northwest. Five Energi employees …

Hiscox CEO Supports Industry-Wide Stress Test for 9/11-Scale Event

UK regulators need to widen stress tests for insurers to show how the whole industry, including themselves, would respond to an event on the scale of the 9/11 attacks, Hiscox Ltd. said. Unless the Prudential Regulation Authority, or PRA, can …

China Minsheng Investment to Acquire White Mountains’ Sirius for $2.2B

White Mountains Insurance Group Ltd. agreed to sell Sirius International Insurance Group Ltd. for about $2.2 billion to an arm of China Minsheng Investment Corp. The price for the reinsurer will be 127 percent of shareholders’ equity, plus $10 million, White Mountains said Monday in …

PartnerRe Holders Should Reject Merger with AXIS, Favor EXOR Deal, ISS Says

PartnerRe Ltd. investors should reject a planned merger with rival reinsurer AXIS Capital Holdings Ltd. and instead opt for a bid of more than $6.7 billion from Italy’s EXOR SpA, ISS Proxy Advisory Services said in a report. “A vote against …

Foreign Insurers Take Cautious Look at Iran Business in Wake of Nuclear Deal

Western and Middle East insurance specialists see Iran as an appealing $8 billion market in the wake of its nuclear deal with world powers, though uncertainty over when sanctions on Tehran will be lifted means they are treating the country …