AIG secures major sale | Insurance Business

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The Carlyle Group and T&D Holdings have completed their acquisition of 76.6% interest in Fortitude Group Holdings from American International Group (AIG).

The transaction was first announced last November. Fortitude Group Holdings’ reinsurance subsidiary Fortitude Re is now being positioned as a major provider of retroactive reinsurance and legacy run-off management solutions, armed with the expertise of Carlyle and T&D.

Read more: AIG makes $2.45 billion sale

The acquisition closed following receipt of required regulatory approvals and customary closing conditions. AIG received about US$2.2 billion in sale proceeds, including the purchase price of US$1.8 billion, upon closure of the deal.

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RenaissanceRe lining up massive capital raise

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A whopping 5.5 million of RenaissanceRe Holdings Ltd’s common shares are up for grabs in an underwritten public offering.

The global (re)insurance provider – which has offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the UK, and the US – has commenced the offering, with Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC acting as joint book-running managers and representatives of the underwriters for the massive equity issue.

In its announcement, RenaissanceRe also said: “State Farm Mutual Automobile Insurance Company, which currently owns approximately 4.4% of RenaissanceRe’s total common shares outstanding, has entered into an investment agreement to

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Analysing the impact of COVID-19 on insurance

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Lumby says clients are reassessing how they spend their money on insurance amid the economic toils from COVID-19.

“Consumers want to know what’s the more scientific logic behind whether they buy this amount of cover, whether they protect their assets, whether they take this amount of retention, what can they afford as a retention and how do they build that through?” Lumby explained.

“It’s really important – this is where people need to refocus on not just valuing insurance renewal but also managing the wider risk landscape. They’re questioning and then producing a scientific and more logical judgement. Going forward,

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SSL Endeavour completes rebrand as Oneglobal Broking

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SSL Endeavour has rebranded as Oneglobal Broking, the company has announced.

“The broking profession has become too inward looking and Oneglobal’s founding team is determined to change that,” the company said. “The new business will bring local expertise and knowledge direct to the client or retail broker with Oneglobal’s specialist team connecting them to the international reinsurance market.”

Oneglobal is free of legacy costs, complex corporate structures and bureaucracy, the company said. The company also said that it has ambitious plans for both organic growth and the acquisition of “like-minded broking businesses.”

“Our name, Oneglobal, reflects both the global reach

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