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To walk away from One Lime Street at this juncture would certainly be a very bold statement on how Lloyd’s is embracing modernisation and its future. -
The surprise union could ramp up PartnerRe’s growth, but signals the winding down of this phase of reinsurance M&A.
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Primary rates move before reinsurance, cedes fall in a hard market and cat is subsidised by casualty.
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If the deal does complete this time, the partnership will face a range of pitfalls and challenges.
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The CEO is signalling to the market, investors and the rating agencies that Lloyd’s has turned a corner.
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Engaging with the French mutual as an M&A counterparty represents a high-risk strategy for Exor.
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The record-breaking deal valued CFC at more than £2.5bn, equivalent to in excess of 40x Ebitda.
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S&P suggested that an “abrupt rethinking” was a more likely outcome than gradual pricing increases – but a third way is possible if ratings agencies set a glidepath to change.
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Figures from the International Underwriting Association’s most recent report shed some light on the movement.
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Should Howden be successful in sealing the deal, it will be its third piece of major M&A in just over 12 months for a combined sum of approximately £2.5bn.
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The competition regulator’s investigation looks to be a procedural matter that will allow the Willis Re saga to conclude.
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The lower-than-expected losses so far from Ida do not stack up against what is thought to be a $30bn+ cat event.
