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.
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Marsh & McLennan Companies has invested in Juniperus Capital Holdings. Financial terms weren’t announced. Juniperus is a Bermuda insurance asset manager that focuses on collateralized reinsurance and catastrophe insurance-linked securities. In January, Aquiline Capital Partners acquired a stake in Juniperus along with company management. PRESS RELEASE Juniperus Capital Holdings Limited (“Juniperus”), a Bermuda-based insurance asset [...]
NEW YORK (Reuters) – Marsh & McLennan Cos Inc (MMC.N), the No 2. global insurance broker, has put up its security consulting business Kroll up for sale for $1.3 billion and received offers from several major private equity firms in the first round of bidding, the Financial Times reported on its website on Monday. Three [...]
NEW YORK (Reuters) – Marsh & McLennan Cos Inc (MMC.N), the No. 2 global insurance broker, reported a second-quarter net loss on Wednesday, hurt by a writedown of the value of its security consulting business. Excluding one-time items, it posted a profit that matched the average Wall Street forecast. The net loss was $193 million, [...]