AIG
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The carrier intends to use the cash raised as part of its consideration for Validus. -
The deal is the third scale-up buyout for the firm, highlighting the ongoing value of scale in the reinsurance segment.
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The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.
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The deal represents RenRe’s third Bermuda consolidation deal following Platinum and TMR.
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The Dan Loeb-controlled investment firm reduced its position in AIG to 2.95 million shares, or ~0.4%, in Q1, from or 5.1 million shares, or around 0.7%, at the end of Q4.
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It emerged in March that Tim Welsh was leaving MS Amlin after almost three decades at the business.
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Adam Spicer’s appointment comes after several high-level departures from the carrier.
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The company has eroded about half its international catastrophe deductible following New Zealand losses.
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Rise Aviation has named the two insurers as the representatives for its all-risk and hull-war reinsurance policies, respectively.
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He replaces Steven Barnett, who is leaving to pursue opportunities outside the company.
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AIG’s head of commercial D&O in the UK, Christopher Magee, is leaving the business to take up a role with Starr in the US, Insurance Insider can reveal.
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The muted GWP growth came after exits from aviation war, construction and contingency classes.
