AmTrust has agreed to sell a 51 percent stake in a portion of its US-based fee businesses to private-equity firm Madison Dearborn Partners in a deal expected to generate $950mn in gross proceeds to help bolster the carrier’s capital base.
North American commercial insurance buyers should brace for a market correction in 2018 led by property cat in the wake of this year’s active hurricane season, according to broker Willis Towers Watson.
Berkshire Hathaway included estimated pre-tax losses of $3bn for the trio of Q3 hurricanes and one of the Mexican earthquakes as it reported a pre-tax underwriting loss of $2.21bn in its (re)insurance operations.
AIG is looking to overhaul its reinsurance strategy, including a cut in retentions, after a third quarter with $3bn of hurricane losses that fell short of attaching its core cat cover.
