Most-read stories for the week include Liberty Mutual getting back into the M&A scene after an eight-year hiatus to buy Ironshore, and AIG CFO Sid Sankaran expecting rate increases to have positive effects on the insurer.
Ironshore deal marks Liberty Mutual's return to large-scale M&A
More than eight years after closing its last M&A deal with an announced value $1 billion or more, Liberty Mutual Holding Co. Inc. confirmed market rumors Dec. 5 by disclosing an agreement to buy Ironshore Inc. for an estimated price of approximately $3 billion based on a 1.45x multiple to the target's year-end 2016 tangible book value.
Online lenders review OCC charter proposal, could do more partnerships
Online lenders are reviewing the OCC's proposal to grant special-purpose national charters to financial technology companies, which one executive thinks could lead to more bank partnerships.
Underwriters miss out, Citigroup makes out on Ironshore sale
Citigroup Global Markets Inc. again landed a significant sell-side engagement in a deal for Ironshore Inc. after the target considered an IPO.
Florida's Citizens braces for 'unprecedented' challenges in coming year
Citizens Property Insurance Corp. released an operating budget for 2017 that contemplates the company's first increase in its policies in force during a full calendar year since 2011, as well as a sizable increase in the loss ratio in its largest business segment, as fallout from high levels of litigated, non-weather-related water loss claims impacts the state-run insurer and its private-market peers.
AIG CFO views rate hike as positive for consumer lines
Addressing analysts and investors days before an expected interest rate hike from the Federal Reserve, American International Group Inc. CFO Sid Sankaran noted that the global insurer views a rising rate environment as a tailwind for multiple lines of its business.