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The state’s AG said the case threatens continued offshore oil and gas operations.
The action follows Sompo’s $3.5bn all-cash acquisition of Aspen Insurance.
Ratings agency said the Sompo deal could have positive financial and operational benefits for the Bermudian.
Analysis of market conditions, reserves show that this might not lead to an overnight consolidation boom.
Group CEO Mikio Okumura cited “solutions that have not been fulfilled”.
Sources see Aspen as the right fit for Sompo, with Apollo getting a full cash exit.
The lawsuit has been filed as sales talks with Sompo yielded a deal.
The Japanese company announced the $3.5bn deal today, three months after the Bermudian completed its IPO.
The Japanese carrier has agreed to buy Aspen for a realization of $3.5bn.
The all-cash deal values the Bermudian’s stock at a 36% premium.
This publication first reported deal talks last week.
The insurer has chosen a “take two” deal after buying Endurance, betting again on Bermuda.
This publication revealed yesterday that the two were in detailed takeover talks.
Sources said that detailed discussions have taken place, with a clear path to a deal.
The executive said the floor on D&O pricing is in sight.
The Insurance Insider US news team runs you through the earnings results for the day.
The newly created role consolidates leadership across UK entities.
Last year, the firm obtained a Class 4 license in Bermuda.
The executive replaces Mike Warwicker, who left the firm earlier this year.
The underwriter has held positions at The Hanover, Liberty Mutual and Zurich.
The company completed its upsized IPO last week and traded up to 1.3x book.
The company’s upsized public offering priced at $30 per ordinary share.
The IPO was announced at the end of April, targeting ~$2.6bn-$2.9bn.
The specialty carrier is braving volatile macroeconomic conditions in a second effort to list.
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