Insurance M&A

The AIG-owned company will redirect current renewal business though Singapore and London.

The insurance group has also struck a retrospective reinsurance deal with Berkshire Hathaway.

The deal would bolster the reinsurer’s ILS assets under management by more than 60 percent to $2.1bn.

The underwriter moves following the completion of RenRe’s takeover of the Tokio Marine unit.

The executive says the franchise gives the company “an extra dimension”.

TigerRisk has a mandate to run the process following its advisory work with Hamilton on the Pembroke acquisition.

The digital-focused carrier has chosen Bank of America and Deutsche Bank as lead bookrunners

The Japanese carrier says loss derives mainly from an appreciation in the value of the yen since TMR’s launch in 2000.

Terzariol says big fund management purchases often “look good on PowerPoint presentations” only.

The bank beat competitors Abry Partners and Centerbridge to win the independent broker.

The companies expect to close the merger “as soon as reasonably practicable”.

The process is yet to begin as owner Carlson Capital prepares to test a more challenging Lloyd’s M&A environment.