Sompo
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Quota share is less common in the medmal space, where layered and shared structures have been dominant. -
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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This publication revealed yesterday that Sompo is currently in negotiations with Aspen.
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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 was previously head of excess casualty, North America.
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This in turn gives carriers on a tower a little more liberty and less risk to optimize claim outcomes.
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Conditions are coalescing for an uptick in carrier M&A after many subdued years.
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The executive held senior roles at Allied World, Lockton and the Corporation of Lloyd’s.
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The hire comes as the UK-based InsurTech continues its expansion plans in the US.
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The carrier is also seeing growth opportunities across the West.
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The Bermudian’s reserves will be on watch when its Japanese parent reports earnings.
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David Bigley will also continue as head of property and catastrophe reinsurance.
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The new platform includes over 400 workers’ compensation classes, including contractors, healthcare, hospitality, manufacturing and transportation.
