Sandy Loss Estimates: Lancashire – $40 to $60 Mn; Maiden Holdings – $25 to...
Bermuda and London-based insurer Lancashire Holdings Limited has estimated that the “net impact on its fourth quarter financial results from Sandy is likely to be in a range of between $40 million and...
View ArticleCanada’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...
View ArticleLancashire Seen as Target as Lloyd’s Consolidation Trend Continues
Lloyd’s of London insurers Lancashire Holdings plc and Novae Group plc may be the next in line for takeover offers after Brit plc became the second U.K. firm within weeks to be acquired. Lancashire,...
View ArticleBrit 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...
View ArticleOaktree-Backed Insurer Seeks to Raise $2 Billion, Plans IPO Within Five Years
Oaktree Capital Group LLC is among investors backing a Bermuda insurance venture that’s seeking to raise $2 billion with plans for an initial public offering within five years. Fidelis Insurance...
View ArticleLancashire 1st Half Profit Drops 10% Amid ‘Pricing Pressures’ at Lloyd’s
Lancashire Holdings Ltd. reported a 10 percent fall in first-half profit amid “pricing pressure” in the Lloyd’s of London insurance market. The company said pretax profit decreased to $88.6 million in...
View ArticleLancashire’s CEO Maloney Dismisses Value of Merger with Larger Rival
Lancashire Holdings Ltd. Chief Executive Officer Alex Maloney dismissed suggestions the insurer would be better off combining with a larger competitor. “I don’t really buy the bigger is better thing,”...
View ArticleAmlin Deal Puts M&A Spotlight on 4 Remaining Publicly Traded Lloyd’s Insurers
Amlin Plc’s $5.3 billion takeover by a Japanese competitor has put the remaining four publicly traded Lloyd’s of London insurers in the spotlight for a possible takeover. Beazley Plc, Hiscox Ltd.,...
View ArticleWoodford Investment Cashes in Amlin Stake After Record Takeover Offer
Neil Woodford cashed in his entire 107.5 million-pound ($166 million) stake in Amlin Plc after Tuesday’s takeover offer by a Japanese competitor sent the Lloyd’s of London insurer’s shares to a record...
View ArticleReinsurance Execs at Rendez-Vous Question Recent High-Priced M&As
Global reinsurance executives who met in Monaco questioned whether a frenzy of mergers in Europe means buyers of Lloyd’s of London insurance companies are paying too much. Deal-making will continue...
View ArticleWaiting List for Insurers to Get Seats on Lloyd’s Underwriting Floor Hits Record
The waiting list for an insurer to get a spot on the underwriting floor of Lloyd’s of London is the longest in its 327-year history, indicating record demand for access to the market. Lloyd’s has...
View ArticleLloyd’s Insurers’ Stocks Fall on Possible Claims from Hurricane Harvey
Lloyd’s of London insurers dropped amid speculation that they will suffer losses from Tropical Storm Harvey that’s battering Houston, the epicenter of the U.S. oil industry. The storm, which which made...
View ArticleLancashire Reports Q3 Loss of $136.4M on High Natural Catastrophe Claims
Lancashire Holdings Ltd reported a third-quarter pretax loss after what looks set to be the costliest quarter ever for insurers and reinsurers due to natural catastrophes, but said it was seeing some...
View ArticleInsurer Lancashire to Use Lloyd’s EU Hub in Brussels After Brexit
Property and casualty insurer Lancashire Holdings Ltd will use insurance market Lloyd’s of London’s European Union hub in Brussels after Britain leaves the European Union, its top boss told Reuters....
View ArticleLloyd’s Insurer Lancashire Holdings Raises US$352M to Target Hard Market...
Lancashire Holdings Ltd. has completed an equity capital raise of approximately £277 million (US$352 million) through the placement of new common shares. The Lloyd’s insurer said it intends to use the...
View ArticleLloyd’s Insurer Lancashire Sees Manageable Russia-Ukraine Losses
Shares in Lloyd’s of London insurer Lancashire jumped nearly 10% on Thursday as it estimated net losses in Ukraine at around $20-30 million and said further potential losses in the region were within...
View ArticleAirlines Face Doubling in War Insurance Premiums After Sudan Losses: Sources
Airlines could end up paying twice as much for insurance they need to protect themselves against losses triggered by war after a bruising year wiped out aviation war insurers’ revenue for 2023,...
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