XL Group News

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 …

XL Group’s E&S Insurance Adds Miller in Chicago to Launch New Auto Product

XL Group’s Excess & Surplus (E&S) insurance team is expanding, adding Andrew Miller as underwriting manager for its newest product line, primary auto. Miller joins XL Group’s Chicago office with more than a dozen years of transportation insurance industry experience, most recently as …

XL Launches Primary Auto Product Line, Taps Miller to Lead

XL Group’s excess & surplus (E&S) insurance is adding primary auto capabilities to its product line and has added Andrew Miller as underwriting manager to lead this business. According to John Goodloe, president of XL Group’s E&S business, the company …

XL Expects Increased Oversight From Global Regulators After Catlin Deal

XL Group plc, the insurer that agreed to buy Catlin Group Ltd. for about $4 billion, said it faces a risk label after the deal that could lead to increased oversight from global regulators. “Following the completion of the proposed acquisition …

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 …

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, …

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 …

XL Group Appoints New Country Managers for Singapore and Japan

XL Group announced it has appointed Robin Johnson as country manager for Singapore with responsibility for continuing to drive the growth of the group’s insurance business in the region. Johnson, whose industry career spans senior positions in underwriting, distribution and …

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 …

XL, RPS/Plus to Offer Professional Liability Coverage to Title, Escrow Agents

XL Group and RPS/Plus Cos. have expanded their underwriting partnership to bring professional liability insurance to title & escrow agents. According to Erin Fry, head of Programs for XL Group’s Select Professional business in North America, XL Group and The …