Published at 02:05 (GMT) 26 Jan
Just for info, FT: Axis Capital and PartnerRe have agreed an $11bn transaction to combine the two New York-listed insurers, in the clearest sign yet that a wave of dealmaking is transforming the industry.
The tie-up, billed as a merger of equals, is expected to create a new S&P 500 company and an enlarged rival to Warren Buffett's Berkshire Hathaway, Lloyd's of London and Munich Re. It will bring together 2 of the five largest insurance groups by total assets that are based in Bermuda, a large industry hub. The merger will create the world's fifth-largest property and casualty reinsurer,
On FX, the above just for info, no FX impact seen. Though good to watch for the consolidation as reported above. Also any cross border insurer, reinsurer M+A. GBP/USD at 1.5005-10, range of 1.4972 to 1.5027 so far, with GBP/USD supported by EUR/GBP sales to fresh near 7-year lows 0.7405. But weighed by broadly firmer USD - though now off highs. GBP/USD offers at 1.5030-50. Focus on the Greek election results on UK relations with EU - bargaining chip? UK elections on May 7 2015. Focus still on the 19-month lows 1.4948 seen on Friday, lowest since Jul 10 2013 1.4843.
EUR/USD up at 1.1183-85, after the touch and go break of 1.11 option barriers to 11-year 5-month lows of 1.1098. Lowest since Sep 9 2003 1.1050. Before the rebound to 1.12. Offers now at 1.1200. Vulnerable to more downside.
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