Capital markets
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Shares gained after Hurricane Milton did less damage than anticipated. -
Milton threatens to make landfall in Florida shortly after Helene.
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The raise includes minority investments from Nationwide, Enstar and others.
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Interest in these vehicles has increased recently, but market softening could throw a curve ball at growth.
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The move comes less than a year after AssuredPartners’ sale process reached a stalemate.
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While Republicans are typically perceived as best for business, there are several factors at play.
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The move comes just days after the Warren Buffett-controlled conglomerate reached the $1tn market cap mark for the first time.
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Westaim reported roughly $79mn in net proceeds from the sale.
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Reagan Consulting has been retained to advise the ~$125mn Utah-based brokerage.
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The conglomerate now owns around 27 million Chubb shares valued at roughly $6.9bn, compared to nearly 26 million in Q1.
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The industry could weather a recession, unless loss costs and reserving pressures worsen.
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S&P’s Insurance Select industry index had fallen by 2.7% at market close.
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Aon estimates Milton insured losses at $25bn to $40bn
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