Slideshow: Hurricane Sandy Could Be Positive for PE-backed Reinsurers (CORRECTED)

It’s been a week since Hurricane Sandy devastated the East Coast and damages could reach as much as $50 billion, according to the New York Times. Losses due to Sandy are still being worked out. If they are $10 billion or less, primary insurers, like Chubb or Allstate or State Farm, will likely pay the brunt of claims, PE sources say. As damages increase, payment will “disproportionately” fall on reinsurers.

Deutsche Bank Considers Sale of Asset Management Unit

Deutsche Bank said Tuesday that it is conducting a review of its global asset management business.

This, of course, means that DB is considering selling its asset management business. A DB spokeswoman says all options are being considered for the business, including a sale or retaining some of the businesses. The review excludes DWS’ franchise in Germany, Europe and Asia. But DWS Americas is part of the review, the DB spokeswoman says.

What else is included –and could be up for grabs –are RREEF Alternatives, DB Advisors and Deutsche Insurance Asset Management.

Aquiline PIPEs Bank of North Carolina

Aquiline Capital Partners has purchased $35 million worth of common and preferred stock in Bank of North Carolina (Nasdaq: BNCN). The deal gives Aquiline a 9.9% common shareholding, and the conversation possibility of upwards of 15% of all outstanding shares.

Clear2Pay Raises €50 Million

Clear2Pay NV, a Brussels-based provider of payment solutions for financial institutions, has raised €50 million in new private equity funding. Aquiline Capital Partners led the round, and was joined by return backers like AGF Management, IRIS Capital, Big Bang Ventures, GIMV and Trust Capital.

Aquiline Closes Conning & Co. Purchase

Aquiline Capital Partners completed its acquisition of Conning & Co., a Hartford, Conn.-based provider of services and solutions to the insurance market, from Swiss Reinsurance Company Ltd. No financial terms were disclosed. Conning has approximately $70 billion of general account assets under management and $100 billion of total assets under contract.

Aquiline Backs TigerRisk

TigerRisk Partners LLC, a Greenwich, Conn.-based reinsurance broker and risk/capital management advisor, has received an undisclosed amount of private equity funding from Aquiline Capital Partners. TigerRisk is was formed last year by Jim Stanard, co-founder and former CEO of Renaissance Re, and Rod Fox, former CEO of the U.S. operations of Benfield.

Aquiline Backs Nexar Capital Formation

Nexar Capital Group has launched as an investment management firm founded by former hedge fund execs at Société Générale. It is being sponsored by an undisclosed amount of funding from Aquiline Capital Partners.

5 Comments

Private Equity: The Land of Second Acts

Even if the public markets won’t forgive you, it’s a good bet private equity will.

Take Robert Nardelli, who earned himself plenty of criticism in recent years by the egregious $210 million “golden parachute” he received upon resignation as head of Home Depot. The paycheck earned him a spot as one of the highest-paid executives with the worst-performing companies. He further solidified his public enemy creds as CEO of Chrysler—on his watch, the company’s sales fell 30% last year and 45% in the first quarter of this year, leading, as we all know, to one of the year’s largest bankruptcies.

Yet he still has a career, thanks to private equity. Today Cerberus Capital Management hired him as CEO of its operating and advisory business.

Ex-Wachovia CEO Joins PE Firm

Ken Thompson, former CEO of Wachovia Corp., has joined Aquiline Capital Partners as senior advisor, according to The American Banker. Thompson was ousted from Wachovia last year, and the company was later acquired by Wells Fargo.

PEHUB Community

Join the 12493 members of peHUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Psst! Got any hot tips?

  • This field is for validation purposes and should be left unchanged.

Look Who’s Tweeting

Reuters VC and PE feed

RSS Feed Widget

Groups