reinsurer News

SoftBank Borrows $8B, Backed by Its Stake in Alibaba, Say Sources

SoftBank Group Corp. borrowed about $8 billion through a margin loan backed by its Alibaba Group Holding Ltd. stake as the Japanese technology giant aims to bolster its financial flexibility, according to people familiar with the matter. The loan, guaranteed …

Swiss Re CEO Manages Shareholder Expectations on SoftBank Investment: Opinion

Who wouldn’t want the attention of a billionaire like Masayoshi Son? The SoftBank founder is Japan’s third-richest man, with interests from ride-hailing app Uber to shared-office firm WeWork. So when he was reported to be eyeing a 25 percent stake …

Swiss Re Continues Talks with SoftBank Which Seeks Stake of Up to 10%

Billionaire Masayoshi Son’s SoftBank Group Corp. is likely to take a stake of 10 percent or less in Swiss Re AG as it seeks to gain a foothold in the cash-rich reinsurance industry. The Swiss company’s shares fell as much …

Boornazian to Retire as Chairman of Aspen Re and CEO of Aspen Re, Americas

Aspen Insurance Holdings Ltd. announced that Brian Boornazian has decided to retire as chairman of its reinsurance segment, Aspen Re, and as chief executive officer of Aspen Re, Americas, with effect from the end of April. “I would like to …

SoftBank Edges Closer to Buying Swiss Re Stake, Valued at $9.6 Billion: Sources

Swiss Re AG jumped after people familiar with the matter said Japan’s SoftBank Group Corp. is edging closer to buying a quarter of the company, valuing the reinsurer at as much as 37 billion francs ($39 billion). Billionaire Masayoshi Son …

Pembroke Managing Agency Gets Nod to Manage Lloyd’s Syndicate for India’s GIC Re

Pembroke Managing Agency Ltd., the London-based subsidiary of Ironshore, has been granted approval by Lloyd’s to establish and manage a syndicate for India’s GIC Re. GIC Syndicate 1947 has been granted permission to underwrite business, attaching on or after April …

Munich Re Eyes Purchase of London Property, Which Could Become UK HQ: Sources

Munich Re, the world’s largest reinsurer, is in talks to acquire a plot that has approval for one of the tallest towers in the City of London financial district, people with knowledge of the plan said. The insurer is negotiating …

Greenlight Capital Re Launches Innovation Unit

Greenlight Capital Re Ltd., a Cayman Islands-based specialist property and casualty reinsurance company, has launched an innovation unit called Greenlight Re Innovations. Headed by Greenlight Re’s Chief Operating Officer Michael Belfatti, the new unit will use technology, data and new …

Pool Re Extends Retrocession Program to $2.9B with Cyber Terrorism Now Covered

Pool Re announced it has renewed its retro program and extended the cover to include material damage and direct business interruption (BI) caused by acts of terrorism “using remote digital interference.” The renewed cover, brokered by Guy Carpenter, has been …

AXIS’ A.M. Best Ratings Revised to Negative; Insurance Arm Blamed

AXIS Capital Holdings’ money-losing insurance segment has drawn the attention of A.M. Best, which revised its outlooks for the Bermuda-based carrier to negative from stable, based largely on its performance. “The revised outlooks are based on unfavorable trends in the …