mergers & acquisitions

UBS has announced that it has reached an agreement to sell the Credit Suisse Insurance Linked Strategies Ltd. business to its existing management team, led by Niklaus Hilti.

Even before RenaissanceRe had acquired Validus from AIG, the Bermuda based reinsurer has said that “substantially all” of the AlphaCat Managers insurance-linked fund strategies were subject to redemption requests from the third-party investors backing them.

RenaissanceRe, the Bermuda based reinsurance and third-party capital management specialist, has now completed its acquisition of the Validus reinsurance business from AIG, including the insurance-linked securities (ILS) unit AlphaCat.

Independent insurance and reinsurance broking group BMS has announced the completion of its growth capital investment from global investor Eurazeo, while also naming former PartnerRe CEO Emmanuel Clarke as its chairman.

Hudson Structured Capital Management, the reinsurance, insurtech and insurance-linked securities (ILS) and transportation focused asset manager, has sold its majority ownership stake in London-based specialty lines MGA and Lloyd’s Coverholder Occam Underwriting Limited, to Brown & Brown (Europe) Ltd.

RenaissanceRe’s acquisition of the treaty reinsurance operations of AIG, which include Validus Re, the Talbot reinsurance book, and the AlphaCat Managers ILS fund management unit, has been approved under EU Merger Regulation by the European Commission.

Reuters has reported that AXA is looking to sell its reinsurance arm under AXA XL, as it looks to reduce its exposure to natural disasters.

Global insurance giant AIG is set to invest up to $500 million into third-party capital and joint-venture vehicles run by RenaissanceRe’s Capital Partners unit, as part of the arrangement that sees the company selling the Validus reinsurance and AlphaCat ILS arms to RenaissanceRe.

RenaissanceRe is intending to leverage its third-party reinsurance capital and insurance-linked securities (ILS) operations to extract greater efficiencies out of the Validus Re reinsurance book, as it assumes it after the recently announced acquisition, with more investor capital set to be raised to support these efforts.

As part of the recently announced arrangement that will see RenaissanceRe acquiring AIG’s Validus reinsurance units and its AlphaCat Managers ILS operation, AIG has also taken an option to make what is termed a “substantial” investment into two of the RenaissanceRe Capital Partners vehicles.