Validus
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Additional disclosure following the RenRe acquisition reveals results for both carriers for the nine months to 30 September last year. -
Morgan Stanley and Golman Sachs exercised in full their right to buy 945,000 shares in the company.
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Inside P&C’s news team runs you through the key highlights of the week.
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The review will continue until the deal closes and the agency evaluates “organizational changes and strategic positioning within the new structure”.
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The carrier intends to use the cash raised as part of its consideration for Validus.
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The deal is not predicted to have a long-term impact on RenRe’s financial leverage, AM Best said.
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The takeover will push it up two places to rank as the fifth-largest writer of P&C reinsurance by gross premium.
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The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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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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Owning a cat reinsurer is off-strategy for a firm trying to curb volatility, but a sale would be hard to execute.
