ACE Ltd., the insurer that agreed this month to acquire Chubb Corp., said second-quarter profit rose 21 percent as policy sales climbed. Net income increased to $942 million, or $2.86 a share, from $779 million, or $2.28, a year earlier, …
PartnerRe Ltd., the reinsurer that agreed to merge with AXIS Capital Holdings Ltd., said it will enter negotiations with hostile bidder EXOR SpA after the Italian company’s latest cash offer for more than $6.7 billion. “The PartnerRe board has determined …
EXOR SpA has raised its hostile bid for PartnerRe Ltd. months after saying it had made its final offer to break up the reinsurer’s merger with AXIS Capital Holdings Ltd. The latest proposal adds a special dividend of $3 a …
Chris Fischer Hirs, the head of Allianz SE’s specialty insurance business, said he welcomes the growing participation of Wall Street in the insurance industry as an opportunity, not a threat. “Hedge funds bring capacity to the market,” Fischer Hirs said …
PartnerRe Ltd., seeking to fend off a hostile $6.8 billion cash bid from EXOR SpA, is weighing whether it can arrange new terms with rival reinsurer AXIS Capital Holdings Ltd. to preserve their planned merger. The two Bermuda-based insurers postponed …
Sandell Asset Management Corp., the activist hedge-fund firm, amplified its criticism of PartnerRe Ltd. for shunning the unsolicited $6.8 billion takeover offer from EXOR SpA that would break up the reinsurer’s planned merger with AXIS Capital Holdings Ltd. “We believe …
PartnerRe Ltd.’s former Chief Executive Officer Patrick Thiele said the reinsurer’s shareholders should vote against a planned merger with AXIS Capital Holdings Ltd. and called the cash offer from Italy’s EXOR SpA a better option. A combination with AXIS would …
Evan Greenberg just took dealmaking to the next level. The chief executive officer of property/casualty insurer ACE Ltd. on Wednesday announced a $28 billion deal for rival Chubb Corp. It’s the biggest acquisition in the industry since the 2008 government …
Willis Group Holdings plc’s chief executive officer, who is taking a lesser role under the insurance broker’s planned merger with Towers Watson & Co., has opted against taking some compensation that he was entitled to get. “Dominic Casserley will not …
Allied World Assurance Co. is the top backer of MatlinPatterson Global Advisers’ bets on Puerto Rico’s rebound, according to a person familiar with the arrangement. The insurer provided more than half of the $150 million that MatlinPatterson invested in the …
