Aspen
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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.
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Ratings agency said the Sompo deal could have positive financial and operational benefits for the Bermudian.
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Analysis of market conditions, reserves show that this might not lead to an overnight consolidation boom.
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Group CEO Mikio Okumura cited “solutions that have not been fulfilled”.
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Sources see Aspen as the right fit for Sompo, with Apollo getting a full cash exit.
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The lawsuit has been filed as sales talks with Sompo yielded a deal.
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The Japanese company announced the $3.5bn deal today, three months after the Bermudian completed its IPO.
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The Japanese carrier has agreed to buy Aspen for a realization of $3.5bn.
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The all-cash deal values the Bermudian’s stock at a 36% premium.
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This publication first reported deal talks last week.
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The insurer has chosen a “take two” deal after buying Endurance, betting again on Bermuda.
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This publication revealed yesterday that the two were in detailed takeover talks.
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Sources said that detailed discussions have taken place, with a clear path to a deal.
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The executive said the floor on D&O pricing is in sight.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The newly created role consolidates leadership across UK entities.
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Last year, the firm obtained a Class 4 license in Bermuda.
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The executive replaces Mike Warwicker, who left the firm earlier this year.
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The underwriter has held positions at The Hanover, Liberty Mutual and Zurich.
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The company completed its upsized IPO last week and traded up to 1.3x book.
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The company’s upsized public offering priced at $30 per ordinary share.
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The IPO was announced at the end of April, targeting ~$2.6bn-$2.9bn.
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The specialty carrier is braving volatile macroeconomic conditions in a second effort to list.
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We assess the Bermudian’s standing amid waning investor sentiment and economic uncertainty.
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The carrier is targeting an IPO valuation between $2.6bn and $2.9bn.
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The carrier is offering shares priced at $29-$31.
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The Insurance Insider US news team runs you through the earnings results for the day.
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In October, this publication revealed that the carrier had resumed IPO preparations.
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Cat losses in reinsurance rose 11.1% year over year to $45.1mn, driven by Hurricane Helene.
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He joins from R&Q Insurance Holdings, where he has been chief accounting officer.
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The business put up strong H1 numbers, and has named Christian Dunleavy group president.
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Coalition Re to offer active cyber reinsurance via two products supported by Aspen-led capacity.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The new leadership structure is designed to create more accountable executive roles responsive to Aspen’s strategy.
