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Lloyd’s M&A: ERS and Neon will be the litmus test for PE appetite

Comment

M&A

Lloyd’s M&A: ERS and Neon will be the litmus test for PE appetite

Despite the proposed £400mn+ sale of Liberty Group’s Pembroke Managing Agency entering into exclusivity, a number of other Lime Street sale processes have recently faltered amidst buyer caution, a brutal 2019 business plan exercise and mismatches on valuation.

Tue 29 Jan 2019

Brown & Brown shares drop 5 percent as organic growth falters

News

Results

Brown & Brown shares drop 5 percent as organic growth falters

Negative organic growth in programs and services combined with narrowing margins at Brown & Brown were met with a negative response from investors as shares in the US retail broker opened down 5 percent this morning in New York.

Tue 29 Jan 2019

News

Insurtech deals help drive Clear Blue top line to $475mn

Specialist program fronting carrier Clear Blue more than doubled written premium volume to near $475mn last year with a strong pipeline of deals expected to take top line above $600mn in 2019, The Insurer can reveal.

Tue 29 Jan 2019

“Motivated buyer” Hamilton keen to bolster struggling Lloyd’s platform

Analysis

M&A

“Motivated buyer” Hamilton keen to bolster struggling Lloyd’s platform

Bermudian (re)insurer Hamilton’s Syndicate 3334 is one of the worst performing Lloyd’s syndicates and this may part-explain the news earlier today that it is the front runner in the process to acquire Liberty Group’s up-for-sale Pembroke Managing Agency.

Tue 29 Jan 2019

Scor’s share price closes 11.4 percent down as Covea walks away; threatens legal action

News

M&A

Scor’s share price closes 11.4 percent down as Covea walks away; threatens legal action

Scor’s share price slumped almost 12 percent today after potential acquirer Covea has confirmed it will no longer pursue a potential acquisition while prompting another bitter war of words between the two French firms.

Tue 29 Jan 2019

PG&E files for bankruptcy as wildfire claims spiral

News

Results

PG&E files for bankruptcy as wildfire claims spiral

Californian utility firm PG&E has formally filed for bankruptcy protection in the face of huge costs and mounting lawsuits as a result of the devastating wildfires that ravaged the state in November.

Tue 29 Jan 2019

XL Catlin reinsures China Re on missing Premier footballer Sala

News

Losses

XL Catlin reinsures China Re on missing Premier footballer Sala

XL Catlin is bracing itself to absorb losses from China Re’s lead market share of the circa £15mn personal accident loss on Emiliano Sala, who is feared to have died in a plane crash over the English Channel, The Insurer can reveal.

Tue 29 Jan 2019

News

Cyber

Channel Syndicate names Anderson cyber head

Scor-managed Channel Syndicate has appointed Gillian Anderson head of technology and cyber.

Tue 29 Jan 2019

News

ILS capital reaches $93bn in 2018: Willis Re

The insurance-linked securities market grew to reach $93bn in non-life capital in 2018, according to a report by Willis Re.

Tue 29 Jan 2019

Hamilton in pole position for £400mn+ Lloyd’s Pembroke deal

News

M&A

Hamilton in pole position for £400mn+ Lloyd’s Pembroke deal

Bermudian (re)insurer Hamilton is the frontrunner to acquire the up-for-sale Lloyd’s insurer Pembroke after lodging a bid thought to be in the region of £400mn+.

Tue 29 Jan 2019

Analysis

#MeToo and cyber add to pressure on D&O profitability: AM Best

Directors and officers (D&O) underwriters are seeing profitability pressured by rates that are lagging behind increasing risks, competition from new markets and emerging trends such as #MeToo and cyber, according to AM Best.

Tue 29 Jan 2019

Brown & Brown Q4 organic revenues down 2.1%

News

Results

Brown & Brown Q4 organic revenues down 2.1%

US retail broker Brown & Brown reported fourth quarter organic revenues that shrank by 2.1 percent when compared to a prior-year period that was boosted by claims processing revenues from weather-related loss events.

Tue 29 Jan 2019

News

Losses

California regulator reports 25% increase in wildfire losses to $11.4bn

California’s insurance commissioner has revealed a 25 percent increase to $11.4bn in reported insured losses from the November 2018 wildfires that ravaged part of the state.

Mon 28 Jan 2019

Activist Shepard builds EMCI stake and seeks seat on board

News

Results

Activist Shepard builds EMCI stake and seeks seat on board

Activist investor Gregory Shepard has built his stake in EMC Insurance Group (EMCI) and is seeking a seat on its board as he looks to push for a better deal than the buyout offer of $30 a share currently on the table from the US carrier’s mutual parent.

Mon 28 Jan 2019