Bermuda Reports Insurance Sector Consolidation
by Mike Godfrey, Lowtax.net, Washington
04 April, 2018
Bermuda's Business Development Agency says the island's (re)insurance market has seen a surge in the value of mergers and acquisitions deal announcements this year.
The total value of these deals stands at USD21bn, including the AIG-Validus takeover, worth USD5.56bn, and French insurer AXA's USD15.3bn buyout of XL Catlin.
Agency CEO Ross Weber said the activity, which was predicted to happen late last year once the US tax reform bill was settled, has also been buoyed by companies pursuing capital efficiencies and looking to digitally reinvent themselves.
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