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The creation of a single Bermuda reinsurance company removes a key structural impediment to a sale.
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S&P’s baseline scenario assumes AIG opts for an IPO of its life business and The Hartford stays independent.
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The acquisitive broker looks to compete with PE houses through its new platform.
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This week, we revealed that Aon/Willis Towers Watson are looking to separately divest a block of Willis' European businesses and Willis Re, as they work to get their mega merger approved by regulators in the face of competition concerns.
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It is understood that the ~$300mn fac business will be packaged along with the treaty unit.
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The largest of the businesses, Gras Savoye, has been seen as one of the jewels in the crown at Willis.
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Canadian carrier Intact is to issue C$250mn ($198.5mn) of subordinated debt in order to fund its takeover, with Danish insurer Tryg, of RSA.
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The one-time suitor releases a statement after a report that Allianz is contemplating an offer of its own.
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The German carrier is reportedly wary of Chubb’s bidding firepower because of the lack of synergies any takeover would yield.
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The potential disposal may help to alleviate competition concerns within the French market.
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The sale concludes Aviva’s plan to divest from non-core geographies and focus on the UK, Ireland and Canada.
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The Aon president said insureds will begin to “test” carriers and brokers on price.
