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Prosecutors label Platinum hedge fund a ‘Ponzi’ scheme
Federal prosecutors claim that a New York hedge fund, Platinum Partners, became a massive “Ponzi scheme” that defrauded investors while collecting over $100mn in fees from unsuspecting clients.
Ted Bunker
,
20 December 2016
Trust Re profits halve in Q3
Bahrain-based reinsurer Trust Re’s profits fell by more than 50 percent to $15.7mn in the third quarter, after a one-off gain on the sale of shares and higher investment income skewed the Q3 2015 figure.
Charlie Thomas
,
20 December 2016
Kuchinski leaves Allied World for Zurich
Rob Kuchinski has resigned from Allied World to join Zurich just four months after signing up for the (re)insurer, The Insurance Insider can reveal.
David Bull
,
20 December 2016
Size of Fairfax-Allied cash component unclear
Fairfax Financial CEO Prem Watsa provided little additional clarity on how much cash Allied World shareholders would receive as part of the agreed deal between the two firms, or where it would come from, on a conference call following the announcement of the transaction.
Catrin Shi
,
19 December 2016
Allied World trades below $54 Fairfax offer price
Shares in Allied World surged 12 percent in early trading in New York today but remain nearly 5 percent below the takeover price offered by Fairfax Financial.
Matthew Neill
,
19 December 2016
CEO Hedges to leave Greenlight Re
Greenlight Re today announced the departure of CEO Bart Hedges, just over a month after escalating underwriting losses led to an AM Best downgrade.
Laura Board
,
19 December 2016
JLT Re to acquire reinsurance broker StoneHill
JLT Re has agreed to buy Minnesota medical professional liability specialist intermediary StoneHill Reinsurance Partners for an undisclosed sum.
Charlie Thomas
,
19 December 2016
Insider View: Fairfax-Allied World deal
Following the sale of four other publicly listed Bermudians over the last two years, the $4.9bn agreed takeover of Allied World comes as little surprise.
Adam McNestrie
,
19 December 2016
Carmilani to pick up $80mn from Fairfax deal
Allied World founding chief executive Scott Carmilani is poised to receive a $79.6mn payout following the carrier's acquisition by Canadian group Fairfax Financial.
Matthew Neill
,
19 December 2016
Valuation in spotlight as Allied goes for 1.34x book and 18% uplift
Investors will be carefully surveying the scene for a competing bid for Allied World after the company's board agreed a sale to Canadian insurance holding company Fairfax Financial at a relatively low 18 percent premium to the undisturbed share price.
Adam McNestrie
,
19 December 2016
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