Markel
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The all-cash purchase price fell slightly below initial expectations of a $1bn-plus valuation for the Bermudian manager.
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The Virginia-based insurer shone on equity gains as its reinsurance segment was once again hit by cats.
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We are in the middle of one of our industry’s periodically frenetic bouts of deal activity.
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The fund manager’s estimate assumes industry-wide Michael losses won’t breach the $10bn threshold.
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Analysts expect Q3 cat losses to be manageable for their covered (re)insurance companies. -
The carrier is actively writing specialist facultative reinsurance across commercial classes including marine, energy, contingency and professional and financial risks.
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The German insurance company gained a local licence in July.
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The business has continued to diversify into fee-driven firms through M&A.
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Several independent managers remain but ILS entrepreneurs have already largely cashed out.
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The deal, which will give Markel a 20 percent share of the ILS market, could be the industry's first true convergence play.
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She will report to Bill Jeatran, the president of Marsch, and be located in Richmond, Virginia.
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Markel will gain a dominant ILS position and an enhanced business profile, AM Best said, while Moody's noted strategic benefits and enlarged asset base.
