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Mergers & acquisitions news

Navigators completes takeover of specialty underwriting agency BDM and affiliate

7th June 2018

The Navigators Group, Inc. has completed its acquisition of specialty underwriting agency Bracht, Deckers & Mackelbert NV (BDM) and its affiliated insurer Assurances Continentales (ASCO), which includes ASCO's  Luxembourg domiciled reinsurer, Canal Re SA. The acquisition has now completed after the receipt of all necessary regulatory approvals, with Navigators paying €35 million in cash as consideration ... Read the full article

Stone Point & Karfunkel-Zyskind increase AmTrust merger offer price

7th June 2018

Stone Point Capital, the Karfunkel Family, and Barry Zyskind, Chief Executive Officer (CEO) of AmTrust Financial Services, have increased their bid for the acquisition of AmTrust Financial Services for a second time, now offering $14.75 per share in cash for all outstanding shares. This offer represents an increase of $1.25 per share, or ... Read the full article

XL shareholders approve AXA merger agreement

6th June 2018

The common shareholders of XL Group Ltd have approved an agreement for the re/insurer to be 100% acquired by AXA for $15.3 billion, to be fully paid in cash. Under the transaction, which is expected to close in the second-half of 2018 subject to regulatory approvals, XL shareholders will receive $57.60 ... Read the full article

Kansas City Life to acquire Grange Mutual Casualty’s life division

5th June 2018

Kansas City Life Insurance Company is to acquire all of the issued and outstanding stock of Grange Life Insurance Company, the life division of Grange Mutual Casualty Company, subject to review by the Ohio Department of Insurance. The transaction is expected to close in the third-quarter of 2018, and once completed, the integration efforts ... Read the full article

Argo Group completes rebranding of Ariscom

5th June 2018

Global specialty insurer and reinsurer, Argo Group International Holdings, has completed the rebranding of Ariscom, its new Italian subsidiary, to ArgoGlobal Assicurazioni S.p.A. The move follows Argo Group’s recent acquisition of the Italian specialty insurer in March 2018, which is now led by Giovanni Tucci, who was appointed as Managing ... Read the full article

Sompo International completes acquisition of Lexon Surety Group

4th June 2018

Bermudian property and casualty (P/C) re/insurer Sompo International Holdings (SI) has acquired Lexon Surety Group (Lexon), the second largest independent surety insurer in the United States. Lexon is comprised of Lexon Insurance Company, Bond Safeguard Insurance Company and Fortress National Group. The acquisition is expected to positively impact the subsidiaries’ financial ... Read the full article

American Traditions announces merger with affiliate insurer Modern USA

4th June 2018

American Traditions Insurance Company (ATIC) has announced it is to merge with affiliate Modern USA Insurance Company (MUSA), in a deal that sees ATIC become one of the largest manufactured home insurers in Florida. The two companies were launched in quick succession by a team of insurance professionals and investors, in ... Read the full article

ETNA Insurance Agency acquired by RightSure Insurance Group

1st June 2018

RightSure Insurance Group has completed its eleventh book of business acquisition after acquiring Tucson-based ETNA Insurance Agency in a deal effective May 21. The acquisition provides ETNA customers with free access to RATEGuard - an AI-powered insurance management platform introduced by RightSure that automatically shops up to 40 carriers in preparation ... Read the full article

Thomas Costello Insurance Agency acquired by Arthur J. Gallagher & Co.

31st May 2018

U.S. global insurance brokerage and risk management services firm Arthur J. Gallagher & Co. has announced the acquisition of California-based Thomas Costello Insurance Agency. Terms of the transaction were not disclosed. The deal sees Arthur J. Gallagher & Co. acquire a 1990-founded retail property/casualty broker, and employee benefits consultant and broker, ... Read the full article

Allianz Group to purchase 8% stake in Africa Re

30th May 2018

Allianz Group has entered into an agreement to acquire an 8% stake in African Reinsurance Corporation (Africa Re) for a total cash consideration of USD 81 million. The transaction will make Allianz one of the largest shareholders in Africa Re, and will enable both companies to jointly promote insurance penetration in ... Read the full article

RenRe Ventures invests in The Woodlands Financial Group

29th May 2018

Bermudian reinsurance firm RenaissanceRe has made an investment in Texas headquartered property & casualty insurance brokerage The Woodlands Financial Group. Founded in 2001, The Woodlands Financial Group (TWFG) operates across 22 states in the U.S., broking primary property and casualty products, largely personal lines but also selling small business and commercial ... Read the full article

Swiss Re ends SoftBank talks with no agreement

28th May 2018

Global reinsurance group Swiss Re has announced that it has ended discussions about a minority stake investment with Japanese technology & telecoms investor & conglomerate SoftBank. The pair have been in discussions about SoftBank acquiring a stake in Swiss Re since February. At first it was reported that SoftBank would look to ... Read the full article

Mitsui Sumitomo enters Chinese life market with BoCommLife stake

23rd May 2018

MS&AD Insurance Group Holdings, Inc. subsidiary, Mitsui Sumitomo Insurance Company (MSI), Limited, has signed an agreement to acquire Colonial Mutual Life Assurance Society Limited's (CMLA) 37.5% stake in Chinese life insurer, BoCommLife Insurance Company Limited. CMLA, a subsidiary of the Commonwealth Bank of Australia, is to sell its 37.5% stake in ... Read the full article

Reinsurance business model challenged, more M&A likely: Morgan Stanley

21st May 2018

The long-term business model of the reinsurance industry is being challenged by the inability of reinsurers to command pay-back following the losses of 2017, leading to a likelihood of more sector mergers & acquisitions, according to analysts from Morgan Stanley. Having visited Bermuda recently to meet with reinsurers, Morgan Stanley's analyst ... Read the full article

SSL in merger deal with Endeavour, backed by J.C. Flowers

18th May 2018

SSL Insurance Group, a Lloyd's and independent specialist marine broker, and Endeavour Insurance Services Limited, a fellow Lloyd’s broker and delegated authority specialist, have announced plans to merge the companies into a combined business. The deal, which is expected to be completed in the second half of 2018, is set to ... Read the full article

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