PartnerRe
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The reincarnated $9bn deal is moving a step closer to completion. -
The executive was speaking at an investor day following the deal to sell PartnerRe to Covea.
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The Bermudian carrier took $188mn losses from Hurricane Ida and $60mn from the European floods.
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However, the deal is low-to-mid ranking in terms of book multiple.
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If the deal does complete this time, the partnership will face a range of pitfalls and challenges.
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The deal price is the same as was agreed in the transaction last year that Covea terminated.
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Sowa spent 17 years with Aspen, including a stretch running Aspen Re North America.
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The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
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The drivers that led to the consolidation in the reinsurance industry might not replicate for a while.
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Former Swiss Re actuarial executive Julie Halper has also joined Toa’s US branch, as its new chief actuary.
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The company grew P&C net written premiums by 47%, while the non-life combined ratio improved 32 points to 89% during the second quarter.
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The changing reinsurance market dynamics are impacting reinsurers' ability to raise rates.
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