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Alleghany Subsidiary Buys Renewal Rights From Maiden Re
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TransRe, a wholly owned subsidiary of Alleghany Corporation , announced that it has purchased exclusive renewal rights of Maiden Holdings, Ltd.’s (MHLD - Free Report) U.S. treaty reinsurance underwriting business. Also, the U.S. treaty team of Maiden Re will join TransRe.
Subsequently, TransRe will offer renewal quotations for this operation, which focuses on regional property and casualty, accident and health plus personal auto insurers. TransRe boasts leadership as well as a sturdy underwriting track record in these markets.
The buyout will thus help TransRe add capabilities to its product portfolio, consolidate its leadership position and help serve its regional, accident & health as well as personal auto carriers better.
However, the transaction excludes all of Bermuda underwritings including AmTrust Business or its International Insurance Services and Capital Solutions businesses in Europe. These constitute a considerable portion of Maiden business.
Meanwhile, the decision to sell off rights follows a strategic review by Maiden to streamline and simplify its operations and profitability. The transaction will help Maiden enhance its financial flexibility, boost operational efficiency and support capital allocation for strategies, thereby creating a shareholder value.
Alleghany has always considered strategic buyouts a prudent approach to ramp up its growth profile. Past buyouts of RSUI and CapSpecialty, responsible for insurance operations and that of TransRe, responsible for reinsurance operations, bear testimony to the company’s long-term growth strategy.
Alleghany sports a Zacks Rank #1 (Strong Buy). Shares of the insurer have gained 6.8% year to date, outperforming its industry's increase of 5.9%. We expect consistently solid performances at TransRe, RSUI and CapSpecialty to continue driving the stock.
Other Stocks to Consider
Investors interested in other top-ranked stocks from the insurance industry can also consider The Progressive Corporation (PGR - Free Report) and The Navigators Group, Inc. , both sporting a Zacks Rank of1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Progressive Corporation provides personal and commercial auto insurance, residential property insurance and other specialty property-casualty insurance plus related services, primarily in the United States. The company delivered positive surprises in all the preceding four quarters with an average earnings surprise of 9.19%.
Navigators Group underwrites marine, property and casualty plus professional liability insurance products and services in the United States and globally. The company came up with positive surprises in three of the preceding four quarters with an average beat of 19.54%.
Best Electric Car Stock? You'll Never Guess It.
Zacks Research has released a report that may shock many investors. One stock stands out as the best way to invest in the surge to electric cars. And it's not the one you may think!
Much like petroleum 150 years ago, lithium battery power is set to shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge. With battery prices plummeting and charging stations set to multiply, revenues that were already at $31 billion in 2016 are expected to blast to over $67 billion by the end of 2022.
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Alleghany Subsidiary Buys Renewal Rights From Maiden Re
TransRe, a wholly owned subsidiary of Alleghany Corporation , announced that it has purchased exclusive renewal rights of Maiden Holdings, Ltd.’s (MHLD - Free Report) U.S. treaty reinsurance underwriting business. Also, the U.S. treaty team of Maiden Re will join TransRe.
Subsequently, TransRe will offer renewal quotations for this operation, which focuses on regional property and casualty, accident and health plus personal auto insurers. TransRe boasts leadership as well as a sturdy underwriting track record in these markets.
The buyout will thus help TransRe add capabilities to its product portfolio, consolidate its leadership position and help serve its regional, accident & health as well as personal auto carriers better.
However, the transaction excludes all of Bermuda underwritings including AmTrust Business or its International Insurance Services and Capital Solutions businesses in Europe. These constitute a considerable portion of Maiden business.
Meanwhile, the decision to sell off rights follows a strategic review by Maiden to streamline and simplify its operations and profitability. The transaction will help Maiden enhance its financial flexibility, boost operational efficiency and support capital allocation for strategies, thereby creating a shareholder value.
Alleghany has always considered strategic buyouts a prudent approach to ramp up its growth profile. Past buyouts of RSUI and CapSpecialty, responsible for insurance operations and that of TransRe, responsible for reinsurance operations, bear testimony to the company’s long-term growth strategy.
Alleghany sports a Zacks Rank #1 (Strong Buy). Shares of the insurer have gained 6.8% year to date, outperforming its industry's increase of 5.9%. We expect consistently solid performances at TransRe, RSUI and CapSpecialty to continue driving the stock.
Other Stocks to Consider
Investors interested in other top-ranked stocks from the insurance industry can also consider The Progressive Corporation (PGR - Free Report) and The Navigators Group, Inc. , both sporting a Zacks Rank of1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Progressive Corporation provides personal and commercial auto insurance, residential property insurance and other specialty property-casualty insurance plus related services, primarily in the United States. The company delivered positive surprises in all the preceding four quarters with an average earnings surprise of 9.19%.
Navigators Group underwrites marine, property and casualty plus professional liability insurance products and services in the United States and globally. The company came up with positive surprises in three of the preceding four quarters with an average beat of 19.54%.
Best Electric Car Stock? You'll Never Guess It.
Zacks Research has released a report that may shock many investors. One stock stands out as the best way to invest in the surge to electric cars. And it's not the one you may think!
Much like petroleum 150 years ago, lithium battery power is set to shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge. With battery prices plummeting and charging stations set to multiply, revenues that were already at $31 billion in 2016 are expected to blast to over $67 billion by the end of 2022.
See Zacks Best EV Stock Free >>