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Axa to buy XL Group in $15.3bn deal

Axa is to buy XL Group in a $15.3bn (EUR12.4bn) all cash deal that will turn the combined group into the industry’s largest global P&C carrier by business written, the Paris-headquartered insurer said today (5 March).

Mon 5 Mar 2018

News

Results

Bermudian shares soar on XL coat-tails

Shares in Bermudian (re)insurers posted gains in early US trading on the back of Axa’s blockbuster $15.3bn offer for XL Group, with mooted takeover target Aspen leading the way with a rise of around 5 percent.

Mon 5 Mar 2018

McGavick’s mastery rewards XL investors with 2000% return

News

Results

McGavick’s mastery rewards XL investors with 2000% return

In a ten-year reign, XL’s CEO Mike McGavick has seen the group’s share price climb from a nadir of around $3 to an an-all cash offer of $57.60 on 5 March. Its an extraordinary achievement. Re-Insurance.com tracks XL’s progress over the last ten years…

Mon 5 Mar 2018

Anthony R. Belfiore Jr.

Sr. VP, Chief Security Officer, Aon

Mon 5 Mar 2018

CBL’s Harris withdraws from MC gala event

Comment

Legal/ Regulatory

CBL’s Harris withdraws from MC gala event

With a soothsayer ability to make Mystic Meg blush, Angerstein predicted last week that there may be one empty seat at the prestigious EY World Entrepreneur of the Year awards in Monte Carlo in June 2018.

Mon 5 Mar 2018

XL on the hook for $499mn break fee if rival bid emerges

News

Results

XL on the hook for $499mn break fee if rival bid emerges

XL Group will be forced to pay Axa a deal break fee of up to $499mn should the French carrier be faced with a rival bid for the Mike McGavick-led firm.

Mon 5 Mar 2018

CBL boss withdraws from EY entrepreneur of the year competition

News

Legal/ Regulatory

CBL boss withdraws from EY entrepreneur of the year competition

Peter Harris, the managing director of collapsed New Zealand insurer CBL, has withdrawn his entry from the World Entrepreneur of the Year competition which takes place in Monte Carlo later this year.

Mon 5 Mar 2018

UPDATE: Axa drops 8% as investors react to XL deal

News

Results

UPDATE: Axa drops 8% as investors react to XL deal

Axa’s shares have shed more than 8 percent in trading following the French carrier’s announcement of its massive $15.3bn deal to buy XL Group this morning.

Mon 5 Mar 2018

JLT Re appoints Ariel Hernandez senior vice president for Miami

News

People Moves

JLT Re appoints Ariel Hernandez senior vice president for Miami

JLT Re has hired Ariel Hernandez as senior vice president in Miami to lead the broker’s analytics efforts for the Caribbean, Central America and broader Latin America Region.

Mon 5 Mar 2018

Denmark’s Alpha Insurance in run-off as CBL contagion spreads

News

Results

Denmark’s Alpha Insurance in run-off as CBL contagion spreads

Denmark’s Alpha Insurance has entered into run-off with immediate effect as the contagion from last month’s collapse of New Zealand’s CBL Group spreads.

Mon 5 Mar 2018

Rating agencies flex their muscles once again

Comment

Rating actions

Rating agencies flex their muscles once again

Downgrades and negative outlooks are becoming a common phenomenon once again.

Mon 5 Mar 2018

Under pressure Maiden shares hold up despite AM Best downgrade

News

Results

Under pressure Maiden shares hold up despite AM Best downgrade

Shares in Maiden Holdings closed broadly flat on 2 March following a downgrade by AM Best earlier that day as investors acknowledged the Bermudian’s lower dependence on financial strength ratings compared to its peers.

Sun 4 Mar 2018

News

People Moves

Ardonagh CFO Mugge moves aside

In a surprise move, the chief financial officer of Ardonagh Group Mark Mugge has lost his board seat and been moved over to work on “growth acceleration projects”.

Fri 2 Mar 2018

Equifax to recover $75mn from insurers over data breach

News

Cyber

Equifax to recover $75mn from insurers over data breach

US consumer credit reporting agency Equifax is set to recoup $75mn from its insurers after taking a $275mn hit from a data breach last year when hackers stole sensitive customer information.

Fri 2 Mar 2018

AIG loses bid to reject Woodford D&O cover

News

Legal/ Regulatory

AIG loses bid to reject Woodford D&O cover

AIG has lost an appeal to deny directors’ and officers’ cover to former Olympus CEO Michael Woodford (pic) over the executive’s ongoing lawsuit with KeyMed related to his administration of the company’s pension pot.

Fri 2 Mar 2018

News

Asta offloads its Pelican MGA to Manchester Underwriting

Asta has sold one of its managing general agents (MGA) Pelican Underwriting to Manchester Underwriting Management (MUM), a specialty-focused pen holder.

Fri 2 Mar 2018