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Multiline Insurance & Brokers

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Travelex says to sell travel insurance unit for $105 mln

Monday, 26 Sep 2016 09:11am EDT

Travelex Financing Plc : Has agreed sale of 100 pct of Travelex Insurance Services to Cover-More Group for cash consideration of $105 mln . Intends to use net proceeds from sale of TIS to reduce group's net debt .Deal is subject to certain closing conditions which we expect to be satisfied before end of 2016.

Kemper appoints James Mckinney as chief financial officer

Tuesday, 20 Sep 2016 06:38pm EDT

Kemper Corp: Kemper announces James J. Mckinney to join the company as chief financial officer . During transition period, Richard Roeske, VP and chief accounting officer, will serve as interim chief financial officer .Mckinney replaces Frank Sodaro.

Assiteca sets up Assiteca Sicurezza Informatica for cyber risk management

Monday, 19 Sep 2016 05:50am EDT

Assiteca SpA Internazionale di Brokeraggio Assicurativo :Sets up Assiteca Sicurezza Informatica Srl in partnership with information technology consultant My Way Srl for cyber risk management.

Upon closing of AIG deal, Ascot will continue to operate as a stand-alone business

Friday, 16 Sep 2016 08:20am EDT

American International Group Inc :Upon closing of AIG deal, Ascot will continue to operate as a stand-alone business governed by its own board, lead by CEO Andrew Brooks.

AIG to sell stake in Ascot Lloyd's syndicate to Canada Pension Plan Investment Board

Friday, 16 Sep 2016 08:15am EDT

American International Group Inc : Total consideration for deal is $1.1 billion . AIG will receive approximately $240 million in net cash proceeds from transaction . Says as part of agreement, AIG, CPPIB, and Ascot intend to expand a collective commercial relationship in Bermuda . Says will receive approximately $240 million in net cash proceeds from transaction after fal recapitalization . Says will be a preferred reinsurer to Syndicate 1414 . AIG agrees to sell stake in Ascot Lloyd's syndicate, maintains strategic relationship with Ascot in Bermuda . Deal for $1.1 billion . AIG will maintain its strategic partnership with Ascot Underwriting Bermuda Ltd. .Agreement to sell interest in AUHL and subsidiary Ascot Corporate Name Ltd to Canada Pension Plan Investment Board.

Conduit Capital says buys Snowball Wealth, Midbrook Lane

Friday, 16 Sep 2016 01:05am EDT

Conduit Capital Ltd : Conduit capital has concluded sale of shares agreements with Snowball Wealth and Midbrook Lane . Snowball Wealth's NAV at determination date estimated to be 464.6 mln rand, Midbrook Lane's NAV estimated to be 167.7 mln rand .Snowball Wealth purchase consideration, Midbrook Lane purchase consideration is to be settled by issuing of co's shares.

Scor welcomes Standard & Poor's decision to affirm its "AA-" rating

Monday, 12 Sep 2016 12:27pm EDT

Scor SE :Has been informed of decision by Standard & Poor's (S&P) to affirm financial strength rating for group and its main subsidiaries at "AA-", with a "stable outlook".

Rand Merchant Investment FY normalised earnings from cont ops up 8 pct

Monday, 12 Sep 2016 02:01am EDT

Rand Merchant Investment Holdings Ltd : Summarised audited results announcement and cash dividend declaration for year ended 30 june 2016 . FY normalised earnings - from continuing operations +8% to 225.0 cents . FY normalised earnings - from continuing and discontinued operations +6% to 225.3 cents .Ordinary dividend +2% to 118.0 cents.

Randall & Quilter to buy RLGI from Royal London Mutual Insurance Society

Friday, 9 Sep 2016 02:00am EDT

Randall & Quilter Investment Holdings Ltd : Has agreed to acquire RLGI, a UK non-life insurance company in run-off, from Royal London Mutual Insurance Society Limited .Agreed purchase price is 11.9 mln stg and represents a small discount to RLGI's net assets of 13.5 mln stg as at year-end 2015.

Tower increases its claims provisions for Canterbury

Wednesday, 7 Sep 2016 04:30pm EDT

TOWER Ltd : Tower increases its claims provisions for Canterbury . Says "it expects to strengthen its claims provisions for Canterbury" . Says will consider the final report when it is delivered and will confirm the impact to the market . Says Deloitte, Tower's appointed actuary, has provided Tower with a draft of their latest actuarial review . Says "this draft shows a need to increase provisions for the Canterbury earthquakes" . Says "this increase is expected to result in a NZ$16.2M impact on tower's profit after tax" . Tower has commercial dispute with peak re, entered into in April 2015 and co remains confident in its position on basis of strong legal advice" . Says board has signaled its intention to review the dividend and dividend policy with the full year results .

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