Hints and tips:
...Aspen is owned by private equity group Apollo and sells insurance and reinsurance through the Lloyd’s of London market as well as in Bermuda and the US....
...Supportive regulators help explain the success of rival centres such as Bermuda....
...The Bermuda Monetary Authority declined to comment. The Utah state regulator declined to comment on A-Cap. AM Best declined to comment....
...Lloyd’s of London and Arch Insurance are listed as representative defendants on behalf of the multiple insurers on the policies....
...Lloyd’s of London hopes a new investment structure it has agreed with UK financial regulators will attract billions of dollars in alternative capital and boost its competitiveness with other hubs such as Bermuda...
...Bermuda itself is central to Athene’s strategy and its original home before merging with US-based Apollo. Of its $24bn in total equity capital, $18bn is stationed in Bermuda entities....
...Lloyd’s has lagged behind on insurance-linked securities (ILS), which allow investors to back insurance policies directly, bypassing traditional insurance companies....
...The latest investment in the Bermuda-based business comes after the company raised $1bn last year on top of $1.7bn in backing when it launched....
...Mr Catlin made his name with his eponymous insurance company, which he founded in 1984 and listed in London before it was sold to XL Group in 2015 for $4.1bn....
...The lawsuits stalled when a court in Bermuda ordered US-based Athene shareholders to drop their action in New York, saying they should litigate the issue on the island territory where Athene was registered...
...The centrepiece of that plan was the $15bn acquisition of Bermuda-based XL, and the demerger of its US life insurance business, Axa Equitable....
...Incorporated in Bermuda, advised by Apollo and initially owned by the firm’s clients, the insurance company made a permanent business out of what Rowan had originally conceived as a one-off trade in AEL....
...Enstar, a Bermuda-based insurance company, launched a $610m recapitalisation of StarStone, its US subsidiary....
...The new syndicate will be backed by $25m of capital and has been developed by Parsyl in partnership with insurers Ascot and Axa XL, along with broker McGill and Partners....
...Axa XL was created after the French group bought Bermuda-based XL for €12.4bn in 2018 in a deal that was criticised by some analysts as being too expensive....
...Bermuda-based insurer RenaissanceRe is aiming to raise around $900m in the industry’s biggest equity issue since the crisis began....
...Pitts Bay Road in Bermuda is a who’s who of global insurance....
...Covéa/Scor: insurance M&A gets messy Insurers are meant to be boring and reliable....
...Dan Loeb’s Third Point, specifically Third Point Reinsurance Ltd, was ready to be lucky....
...Covéa on Tuesday evening confirmed it has signed a memorandum of understanding to buy the Bermuda-based reinsurer, which is controlled by Italy’s billionaire Agnelli family, in an all-cash deal....
...Travel insurance claims alone are expected to top £275m for Covid-19 related claims....
...The PPL platform, which allows insurance policies to be created electronically rather than on paper, was introduced into the London insurance market in 2016....
...Axa has replaced the head of Axa XL, the business created in 2018 after the French group bought Bermuda-based XL....
...Shares in insurance company Hiscox dropped sharply on Thursday as worries grew about the scale of claims the company is facing in the US....
...The specialist insurance and reinsurance industry has been consolidating during the past few years. In 2018 Axa spent $15bn buying XL Group, which operated in some of the same markets as Partner Re....
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