Reinsurance News
M&A news
Reinsurance M&A news, or reinsurance mergers and acquisitions news, covering details of M&A transactions in the works and completed, between insurance, reinsurance and related companies.
Allstate to acquire SafeAuto for $300m
3rd June 2021
US primary insurer Allstate Corporation has agreed to acquire SafeAuto, a non-standard auto insurance carrier focused on providing state-minimum private-passenger auto insurance. Total consideration includes a $270 million cash purchase price plus approximately $30 million in pre-close dividends of certain non-insurance assets. Headquartered in Columbus, Ohio, SafeAuto is expected to add capabilities ... Read the full article
Industry veterans team up on new fronting company, Concert
2nd June 2021
A newly-formed business dedicated to insurance fronting has launched today, after securing the required capital from its founders. Concert Group Holdings has been established by Strategic Risk Solutions’ Brady Young, Southern Insurance Underwriters’ Wes Duesenberg and Christopher Collins from Corinthian Re. Concert has been formed in partnership with Century Equity Partners and ... Read the full article
Progressive completes takeover of Protective Insurance
2nd June 2021
Property and auto-focused insurance group Progressive has announced the completion of its acquisition of Protective Insurance Corporation for approximately $338 million. First announced in February 2021, the transaction saw Protective shareholders receive $23.30 per share in cash, without interest, for their Class A and Class B common shares. The per share ... Read the full article
Tryg and Intact complete RSA acquisition
2nd June 2021
Intact Financial Corporation and Scandinavian insurer Tryg have completed the acquisition of RSA Insurance Group. Tryg and Intact will now be able to initiate the separation of the RSA business, providing Tryg with sole legal ownership of Trygg-Hansa in Sweden and Codan in Norway whilst Intact continues to co-own Codan's Danish ... Read the full article
Equitable, Venerable wrap up $12bn annuity reinsurance agreement
1st June 2021
Financial services firm Equitable Holdings has successfully closed its previously-announced $12 billion transaction with Venerable to reinsure legacy variable annuity policies sold between 2006 and 2008. AllianceBernstein will serve as the preferred investment manager for the transferred general account assets. As part of the deal, Equitable has also announced the acquisition ... Read the full article
Generali completes takeover of AXA’s Greek business
1st June 2021
Generali has completed its acquisition of AXA's Life & Savings and Property & Casualty businesses in Greece, for a total cash consideration of €167 million. Announced back in December 2020, the deal also sees Generali enter into a 20-year exclusive distribution agreement with Alpha Bank. The partnership with Alpha Bank, which ... Read the full article
Austral Re acquires Markel Brazil businesses
1st June 2021
Brazilian reinsurance company Austral Re has acquired the run-off reinsurance operations of Markel Resseguradora do Brasil, and its parent company Markel Participações (Markel Brasil), with the value of the deal not currently being disclosed. This marks Austral’s second acquisition within the last two years, as the reinsurer expands through the South ... Read the full article
American Financial closes $3.5bn anuity business sale to MassMutual
1st June 2021
American Financial Group has wrapped up the sale of its annuity businesses to MassMutual, including Great American Life Insurance Company and its two insurance subsidiaries, Annuity Investors Life Insurance Company and Manhattan National Life Insurance Company. The company has also offloaded broker-dealer affiliate, Great American Advisors, Inc., and insurance distributor, AAG ... Read the full article
Swiss Re sells remaining stake in New China Life: reports
28th May 2021
Reports today from media company Caixin suggest that Swiss Re may have sold its remaining stake in Beijing-based life insurer New China Life Insurance Co. Swiss Re bought 152.9 million shares in New China Life in 2013, but then sold almost half of these a few years ago in a deal ... Read the full article
Buckle completes purchase of additional legacy assets from Atlas
28th May 2021
US-based commercial auto insurer Atlas Financial Holdings has announced the previously disclosed sale of further legacy assets, American Service Insurance Company and American Country Insurance Company, to ride-sharing insurance provider Buckle has concluded successfully with the necessary regulatory and court approvals. The transaction closed on May 25th with buckle paying $3 ... Read the full article
BGC in $500mn sale of brokerage business to Ardonagh
26th May 2021
BGC Partners has entered into an agreement to sell its Insurance Brokerage business for $500 million to The Ardonagh Group. Ed Broking Group and Besso Insurance, recently grouped together under the brand of Corant Global, comprise of global wholesale and specialty re/insurance broker Ed, Lloyd’s broker Besso, aviation specialist Piiq Risk ... Read the full article
New Zealand extends Aon / WTW merger decision to July
25th May 2021
The New Zealand (NZ) Commerce Commission has failed to reach a decision on whether to approve the merging of Aon and rival Willis Towers Watson (WTW) by its deadline of May 25th, so has extended the date a decision is due by to July 2nd. New Zealand's Commerce Commission had launched ... Read the full article
Aston Lark acquires Veritan Consultants
24th May 2021
Insurance brokerage Aston Lark Ireland has acquired Veritan Consultants Limited which trades under Brady Burns & Associates. Brady Burns specialises in delivering commercial and personal lines insurance solutions to retail and business customers. Together with their team of experienced and dedicated staff Joe, Breda and Eimhin have continued to expand and grow the ... Read the full article
Accelerant acquires Kinnell Holdings
21st May 2021
Underwriting group Accelerant Holdings has announced its acquisition of insurance group Kinnell Holdings and its six subsidiaries. Through the acquisition, Accelerant will acquire Kinnell's subsidiary Guarantee Protection Insurance Limited (GPI). The acquisition will broaden Accelerant's portfolio with the addition of Kinnell's other subsidiary companies, including two insurance intermediaries, a trade association, a ... Read the full article
Howden acquires Medical Professional Risk Solutions
20th May 2021
Howden Broking has acquired Medical Professional Risk Solutions (MPRS), a specialist insurance broker for the primary care sector. The acquisition will expand the Howden's Health & Care division as it continues to invest in specialisms to support clients. MPRS provides accident & health, professional liability, medical malpractice, and commercial combined cover for ... Read the full article
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