Will Bermuda Reinsurers See Merger Mania?
Bermuda reinsurers are doing quite nicely this year, with the first half looking good and the second half, sans hurricanes, looking even better. The optimistic outlook gives impetus to the idea that reinsurers could see merger mania, according to industry heavyweights. Bloomberg News quotes Berkshire Hathaway CEO Franklin Montross predicting that more Bermuda-based reinsurers could combine their businesses after Validus Holdings recently acquired IPC Holdings for about $1.7 billion. “Bermuda is logical,” Montross told Bloomberg. “There are a lot of companies down there, many of them quite small.” Warren Buffett’s Berkshire invested $2 billion in a reinsurer this past March. Uber-investor Wilbur Ross, who owns everything from coal mines to car parts, is sticking his toe in the warm Bermuda…
0 Comments