XL Group News

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 …

Catlin Boosts Full-Year Profit and Dividend Ahead of Investor Vote on XL

Catlin Group Ltd., the Lloyd’s of London insurer being bought by XL Group plc, reported a 13 percent rise in full-year pretax profit as it increased its payout to shareholders. Pretax profit was $488 million in the 12 months to …

ProHost USA, XL Add Umbrella Excess Coverage to Restaurant Insurance Product

XL Group and insurance program administrator ProHost USA have added an extra layer of insurance protection to its umbrella excess insurance coverage product offering for fine dining and casual restaurants. “Restaurants can face some significant risks and claims,”   according to …

PartnerRe Stock Jumps on Report That SCOR, Alleghany Are Weighing Bids

PartnerRe Ltd. jumped in New York trading after “Insurance Insider” reported that the reinsurer, which agreed last month to merge with Axis Capital Holdings Ltd., might draw bids from rivals to break up the deal. Alleghany Corp. and France’s SCOR SE …