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Axis Capital failed in its bid to merge with rival PartnerRe after Italian investment firm Exor won a bidding war — but the firm is $315 million better off as a result of a massive break fee. The firm accepted defeat after PartnerRe’s board yesterday...

Two more proxy advisory firms have recommended PartnerRe shareholders to vote against a merger with Axis Capital. Proxy Mosaic said that a rival all-cash $6.8 billion bid by Italian investment firm Exor for PartnerRe “outweighs the potential upside i...

Former HSBC chief financial officer Michael Schrum has jumped ship to Butterfield Bank. Mr Schrum will become group chief financial officer at Butterfield at the end of next month. Butterfield chairman and CEO Brendan McDonagh said: “I am pleased to ...

Insurance and reinsurance firm Lancashire has rejected the idea of a merger with another firm as a way to boost business. Company CEO Alex Maloney said: “I don’t really buy the bigger is better thing. “I see no evidence of any of the companies that h...

Axis yesterday reported profits of $94 million for the second quarter of the year. Chief executive officer Albert Benchimol said book value, adjusted for dividends, grew 7 per cent over the last year. Mr Benchimol added: “Notwithstanding a more chall...

Stormy weather helped push down second-quarter profits for reinsurance firm RenaissanceRe, the firm reported yesterday. Profits for the period fell $55.6 million year on year from $120.8 million to $73.2 million. Operating income for the firm totalle...

The sprawling former Lantana cottage colony is up for sale with a $16.9 million price tag. The ten-acre Sandys property with views of the Great Sound, the venue for the America’s Cup in 2017, has been closed for decades. It was bought by US business ...

Telecoms firm KeyTech today posted losses of $1.9 million for the year ended in March. The figure was $200,000 up on losses for the previous year. A statement from the firm added: “Net loss for the year from continuing operations was $15.9 million ve...

Aspen Insurance Holdings yesterday reported profits of $49 million for the second quarter of the year. The figure is equivalent to 62 cents a share, with a corresponding figure of $1.82 for same period in 2014. Operating income after tax amounted to ...

Bermuda-based White Mountains Insurance Group has struck a $2.23 billion deal to sell its Sirius reinsurance arm to a Chinese investment firm. Sirius, based in Stockholm, Sweden, has offices in several countries, including Bermuda. The deal will see ...