|HSCM and Everest Re enter into strategic partnership|
|Specialist investment adviser, Hudson Structured Capital Management (HSCM), has entered into a strategic agreement with Everest Re Group.|
The partnership will see HSCM Bermuda Management Company and Everest Re work together on co-investment opportunities and transactions.
According to the release, Everest Re will invest across several of HSCM’s investment funds, including being the anchor investor in HSCM’s newly-created insurance technology strategy that will launch in early 2018.
HSCM and Everest Re will also work together to identify and capitalize on trends and themes across the spectrum of InsurTech opportunities.
Michael Millette, Managing Partner of HSCM, stated: “We are excited to be working with a
Dominic J. Addesso, President and Chief Executive Officer of Everest Re, said: “We look forward to working with HSCM to continue our efforts to drive innovation in the insurance and reinsurance market.”
|XL Catlin introduces Brexit continuity clause|
|XL Catlin has introduced a contract continuity clause to address concerns about contracts written by XL’s London-based entities prior to Brexit.|
The clause will include issues such as the potential loss of passporting rights following the UK leaving the European Union.
The main difference with the clause is that it makes XL Insurance Company (XLICSE) an additional party to the policy.
If XLICSE cannot perform the policy, it can automatically be cancelled with a pro-rata return of premium.
Additionally, should Catlin Insurance Company UK (CICLUK) or Syndicate 2003 be unable to perform the policy, XLICSE will be contractually obliged to perform it.
The clause includes policies written by CICLUK and XL Catlin’s Syndicate 2003 at Lloyd’s.
Both companies will remain in the UK following XLICSE move to Ireland, subject to regulatory approvals.
Paul Greensmith, UK Country Leader & Director of London Market Wholesale, said: “Our innovative clause offers significant advantage by minimizing the risk that policies will be cancelled, by making XLICSE a contingent party to the policy. Effectively, XLICSE will act as a back-up.”
|Fidelity National to acquire Stewart Information Services|
|Fidelity National Financial (FNF) has signed a merger agreement to acquire Stewart Information Services Corporation for approximately $1.2 billion.|
Stewart provides a range of residential and commercial title insurance, closing and settlement services, appraisal and valuation services, and other offerings to the real estate industry.
The transaction value is to be paid 50% in cash and 50% in FNF common stock, with the latter being subject to a fixed ratio base.
FNF anticipates it will achieve at least $135 million in operational cost synergies and the acquisition to be at least 15% accretive to pro forma 2017 adjusted net earnings per share at that operational cost synergy target.
William P. Foley, II, FNF Chairman, said: “We are excited to welcome Stewart, its employees and its customers to the FNF family.
“The venerable Stewart brand has a long and respected history in the title insurance industry and we see tremendous potential in working with the Stewart management team to invest in and grow the Stewart brand on a national basis as part of our long-time, successful strategy of operating multiple title insurance brands under the FNF umbrella.”
|Arch Capital appoints CEO|
|Arch Capital has announced the promotion of Marc Grandisson to the position of Chief Executive Officer, Intelligent Insurer has reported.|
Mr. Grandisson currently serves as President and Chief Operating Officer and will succeed current CEO Constantine Iordanou.
Mr. Iordanou has been CEO since 2003 and Chairman of the Board since 2009, and he will retain his position as the Chairman.
Mr. Grandisson first joined Arch Reinsurance in October 2001 as Chief Actuary and served as Chairman and CEO of Arch Worldwide Reinsurance Group from 2005 to 2015.
Alongside his new role, Mr. Grandisson has been appointed to the Board of Directors and to the Executive Committee of the Board
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