AIG’s $5.6 billion acquisition of Bermudian Validus would not affect the New York-based insurer much from a financial strength perspective, according to S&P, but the ratings agency said the move would have strategic significance as it would bring AIG the reinsurer’s “strong” catastrophe research and modelling capabilities.
Views of the effect on Aon, Willis Towers Watson and Marsh & McLennan of probes into broker compensation shifted as the week wore on, with JP Morgan analyst Sarah DeWitt saying today that investor “concerns are overblown” and that any potential fallout will be manageable.
CopperPoint Mutual has completed its $150mn cash acquisition of Pacific Compensation Insurance Company from a subsidiary of Alleghany Corporation, the buyer said today.
For every $1 spent by US agencies on mitigating natural hazard risks such as flood, wind, earthquake or wildfire, there is a $6 benefit in terms of saving lives and property, a National Institute of Building Sciences (NIBS) study shows.
Personal auto insurers saw signs of improvement in underwriting profitability last year, as the direct loss ratio for private passenger auto policies for the third quarter fell 3 percentage points from the same period in 2016, according to AM Best.
