Aspen

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.

Welch has been with the firm since 2023.

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.

We assess the Bermudian’s standing amid waning investor sentiment and economic uncertainty.

The carrier is targeting an IPO valuation between $2.6bn and $2.9bn.

The carrier is offering shares priced at $29-$31.

The Insurance Insider US news team runs you through the earnings results for the day.

In October, this publication revealed that the carrier had resumed IPO preparations.

Cat losses in reinsurance rose 11.1% year over year to $45.1mn, driven by Hurricane Helene.

He joins from R&Q Insurance Holdings, where he has been chief accounting officer.

The business put up strong H1 numbers, and has named Christian Dunleavy group president.

Coalition Re to offer active cyber reinsurance via two products supported by Aspen-led capacity.

The Insurance Insider US news team runs you through the earnings results for the day.

The new leadership structure is designed to create more accountable executive roles responsive to Aspen’s strategy.

Dellwood recently appointed Aspen’s Felicia Rawlin as head of property.

The carrier will reassess the market in the fourth quarter, or early in 2025.

Aspen said reduced reinsurance appetite made it a good time to seek alternative capacity.

The companies originally established the capacity agreement in January 2023.

The group-level CoR worsened 4.7-points in the quarter, coming in at 89.4%.

The deal adds to Aspen’s existing support of the InsurTech in the UK and Canada.

Woodlands Financial Services listing is likely in Q2, but overall environment is subdued.

Putting together two “show me” stories risks investor skepticism.

It was announced earlier today that former Aspen UK CEO Richard Milner was set to join Chaucer as group CEO.

The company also confirmed earlier reports from this publication that Goldman Sachs would be a leading bookrunner, along with Citigroup, Jefferies and Apollo Global Securities for its ~$4bn H1 2024 IPO in New York.

Based in Chicago, Michael Tate will be responsible for the design, implementation and execution of insurance solutions related to the US inland marine business.

The announcement comes almost two months after this publication revealed that the carrier had lined up Goldman Sachs, Citibank and Jefferies to run its $4bn H1 IPO in New York.