Reinsurance News
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
