Markel

The ILS manager will continue to operate largely independently following the completion of the deal.

The Virginia carrier’s Brexit planning progresses following the authorisation in July of its Munich company.

The 2018 conference season has finally come to a close in North America, with the Property Casualty Insurers Association of America’s event in Miami last week bringing the curtain down on this year’s major industry gatherings.

The all-cash purchase price fell slightly below initial expectations of a $1bn-plus valuation for the Bermudian manager.

The Virginia-based insurer shone on equity gains as its reinsurance segment was once again hit by cats.

We are in the middle of one of our industry’s periodically frenetic bouts of deal activity.

The fund manager’s estimate assumes industry-wide Michael losses won’t breach the $10bn threshold.

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.

The German insurance company gained a local licence in July.

The business has continued to diversify into fee-driven firms through M&A.

Several independent managers remain but ILS entrepreneurs have already largely cashed out.