An influx of alternative capital into the reinsurance market, low interest rates and a desire for geographic expansion are among the factors driving mergers and acquisitions in the insurance industry, A.M. Best Company Inc. suggested in a recent report. “A.M.…
In an effort to encourage shareholders to support a merger with Axis Capital Holdings Ltd., PartnerRe Ltd. announced Thursday it is offering to increase, by 52%, a special dividend that PartnerRe shareholders would get in the event of such a…
More than half of large financial service institutions surveyed for a new report by Accenture expect to invest at least US$200 million on projects to overhaul how they do business to address global structural reform (GSR) regulations this year, with…
If ACE Ltd.’s US$28.3-billion proposal to acquire insurance carrier The Chubb Corp. is approved, the combined firm would be a “significant player,” in Canada, in the market for high net worth consumers and would also “present a challenge” to the…
Toronto-based Fairfax Financial Holdings Limited announced Wednesday that it has completed its cash tender offer to shareholders of Brit PLC. Fairfax – a holding company that, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment…
Moody’s Investors Service has affirmed the A3 senior debt rating of ACE INA Holdings Inc. with a stable outlook following the announcement that ACE has agreed to acquire all outstanding shares of The Chubb Corporation for approximately US$28.3 billion. ACE…
Mergers and acquisitions in the reinsurance sector are “throwing up unexpected combinations” while the market for offshore energy wind reinsurance, in the Gulf of Mexico, is softening, the reinsurance division of Willis Group Holdings plc suggested in a report released…
ACE Limited and The Chubb Corporation announced on Wednesday that the boards of directors of both companies have unanimously approved a definitive agreement under which ACE will acquire Chubb. The total value of the acquisition is about US$28.3 billion in…
Reinsurers seem to feel the need to grow and diversify, but the current wave of consolidation presents its own challenges, attendees heard during a recent Casualty Actuarial Society (CAS) reinsurance seminar in Philadelphia. Meyer Shields, managing director of Keefe, Bruyette…
When a Canadian defendant in a lawsuit is also going through bankruptcy proceedings, the right to ask a court for indemnity from a professional liability insurer is vested in the trustee in bankruptcy rather than the policyholder, the Court of…
Independent adjusting and claims management company ClaimsPro, announced on Wednesday that it has acquired Atlantic Canada adjusting service Plant Hope Adjusters Ltd. Fred Plant (pictured, right), formerly president of Plant Hope Adjusters Ltd., will serve as senior vice president, operations, Atlantic…
PartnerRe Ltd., a commercial insurer and reinsurer which previously agreed to merge with competitor Axis Capital Holdings Ltd., announced this week it “will review” a revised $6.8-billion takeover offer from EXOR S.p.A., an Italian investment firm with a 9.32% stake…