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Reinsurance News

Mergers & acquisitions

Reinsurers offset sluggish market with M&As: Fitch

8th September 2017

Reinsurers continue to turn to M&As for the opportunity to diversify with some entities choosing to acquire service businesses outside of reinsurance, driven by low returns on reinsurance capital, according to Fitch’s 2017 mid-year financial results report. The main strategy for offsetting sluggish market growth has continued to be M&As this ... Read the full article

Allianz expands African footprint with Ensure Insurance acquisition

4th September 2017

Global insurer Allianz has announced a new binding agreement to acquire 98% of Nigerian domiciled insurance firm, Ensure Insurance Plc., from its main shareholder, Greenoaks Global Holdings Ltd. Ensure Insurance provides life and non-life insurance services and during 2016 produced gross written premiums (GWP) of €11 million ($13.1mn). Nigeria has the largest ... Read the full article

Sompo Canopius sold to Centerbridge Partners consortium for $952m

1st September 2017

Global specialty insurance and reinsurance firm Sompo Canopius AG has been sold to a consortium of investors led by private equity and credit specialist Centerbridge Partners, L.P. for a $952 million fee, by parent Sompo Holdings. This announcement had been expected and rumours about the potential for a Centerbridge led acquisition ... Read the full article

Arch gets negative outlook from A.M. Best on United Guaranty risks

31st August 2017

Bermudian insurance and reinsurance firm Arch Capital Group Ltd. and its Arch Reinsurance Ltd. subsidiary have both had negative outlooks assigned to their credit ratings by A.M. Best. The negative outlooks are due to A.M. Best's view that Arch has experienced a "significant increase in financial leverage" due to the issuance ... Read the full article

AXIS’ increased offer for Novae accepted by shareholders

29th August 2017

The revised and increased offer made by global specialty insurance and reinsurance firm AXIS Capital Holdings Limited to acquire Lloyd’s of London focused diversified specialty re/insurer Novae Group plc has been accepted by shareholders, the company reported today. Novae Group held a General Meeting earlier today in London and approximately 99.97 ... Read the full article

AXIS increases Novae offer by 2%

25th August 2017

Global specialty insurance and reinsurance firm AXIS Capital Holdings Limited has increased its acquisition offer for the shares of Lloyd’s of London focused diversified specialty re/insurer Novae Group plc by 2%, valuing the firm at £477.6 million (US $612m at today's FX rates). The "full and final" offer of 715 pence per ... Read the full article

Mitsui Sumitomo to acquire Fairfax’s 98% First Capital interest

24th August 2017

Fairfax and Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD Insurance Group Holdings, have entered into an agreement to pursue a strategic partnership which will include establishing reinsurance relationships and Mitsui's acquisition of Fairfax's 97.7% interest in First Capital Insurance Limited of Singapore. Under the agreement the firms announced plans to collaborate in ... Read the full article

Compre acquires Norwegian insurer Gjensidige’s legacy portfolio

21st August 2017

Independent reinsurance legacy specialist Compre has announced the acquisition of a legacy portfolio from major Norwegian insurer Gjensidige Forsikring ASA for an undisclosed sum. The legacy portfolio is made up of U.S. asbestos, pollution and health hazard (APH) risks underwritten between 1983 and 1985. Its purchase by Compre was structured as a loss portfolio ... Read the full article

PartnerRe offloads New York unit

17th August 2017

According to SEC filings from both companies, reinsurance firm PartnerRe is to sell its PartnerRe Insurance Company of New York entity to workers compensation specialists Employers Group, Inc. The unit is being sold to Nevada-headquartered Employers Group for a purchase price equal to the statutory capital and surplus of PartnerRe Insurance ... Read the full article

Schinnerer Group enters agreement to acquire ICAT

11th August 2017

The Schinnerer Group has entered an agreement to acquire International Catastrophe Insurance Managers, LLC (ICAT), a managing general agent for property catastrophe insurance, from the Paraline Group. ICAT is headquartered in Colorado and operates in all U.S. States through agents and wholesale brokers with a focus on the property catastrophe market. The ... Read the full article

Athene’s AGER continues European growth with Aegon Ireland acquisition

10th August 2017

AGER Bermuda Holding Ltd. has announced that it's to acquire Aegon Ireland plc for roughly 81% of the own funds of Aegon Ireland as of closing, which, as of June 30th 2017 were approximately £200 million ($260 million). AGER Bermuda is the holding company of Athene Holdings Ltd.'s European group companies, and ... Read the full article

Blackstone, GIC & MassMutual acquire Goldman Sach’s entire Rothesay Life shares

9th August 2017

Blackstone, GIC and MassMutual have reach an agreement to acquire Goldman Sachs’ entire shareholding in Rothesay Life. GIC, the largest Singapore sovereign wealth fund, and investment manager Blackstone will hold equal largest stakes, while insurer MassMutual will significantly increase its stake share. Goldman Sachs said it plans to retain a close relationship ... Read the full article

Heritage to acquire NBIC Holdings for $250 million

9th August 2017

Heritage Insurance Holdings, Inc. is to acquire NBIC Holdings, Inc., the parent company of Narragansett Bay Insurance Company, for $250 million in a deal that is expected to close in the fourth-quarter of 2017. The acquisition price will be financed with $210 million in cash and $40 million of the firm's common stock, ... Read the full article

Insurance sector M&A declines in H1 but expected to rebound: Clyde & co

8th August 2017

The volume of insurance mergers and acquisitions (M&A) in the first-half of 2017 declined by 8.6% to 170 deals when compared with the preceding six months, although more deals are expected in the remainder of the year, according to Clyde & Co. Clyde & Co's recently published mid-year 2017 Growth Report ... Read the full article

Allianz & LV= announce joint venture in deal valued at over £1 billion

4th August 2017

After recent media speculation it has now been announced that insurer Allianz and Liverpool Victoria Friendly Society (LV=) are to launch a joint venture under the LV= brand, which will create the third largest personal insurance company in the UK. Earlier this week media reports had claimed a deal was close ... Read the full article

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