Reinsurance News
Mergers & acquisitions news
Reinsurance mergers and acquisitions news, covering details of M&A transactions in the works and completed, between insurance, reinsurance and related companies.
Ocean Re acquires Oceva Risk
17th August 2022
Ocean International Reinsurance Company Limited (Ocean Re) has announced that it has acquired Oceva Risk Solutions Limited, a London Market-facing business that is fully authorised by the Financial Conduct Authority (FCA). As part of the deal, which has been approved by the FCA, Ocean Re has also acquired Oceva Europe ApS, ... Read the full article
Relation acquires assets of Innovative Broker Services
17th August 2022
Relation Insurance Services, a privately held corporation backed by Aquiline Capital Partners, has announced the acquisition of the assets of California-based Innovative Broker Services. The transaction brings an established insurance brokerage firm to Relation and expands the firm’s growing national footprint. Relation state that Tom Avery will continue to lead Innovative Broker ... Read the full article
Coalition acquires Digital Affect Insurance Company in “strategic” move
17th August 2022
Cyber insurance and security provider, Coalition has completed the acquisition of Digital Affect Insurance Company - a P&C insurer licensed in all 50 US states - from Munich Re Digital Partners US Holding Corporation. According to the announcement, this acquisition will allow Coalition to offer insurance policies through its own admitted ... Read the full article
Crestline enters insurance market through “strategic” acquisition
15th August 2022
Crestline, a credit focused institutional asset manager, has announced the acquisition of a life insurance company established in 1978 and licensed in multiple states, which will now operate as CL Life and Annuity Insurance Company (CL Life). Through this “strategic” acquisition, Crestline enters the direct annuity insurance market. CL Life will provide ... Read the full article
Dai-ichi Life Holdings to acquire Partners Life
12th August 2022
Japanese insurer Dai-ichi Life Holdings has acquired New Zealand firm Partners Life as a wholly owned subsidiary. Under the terms of the acquisition, Partners Life will become a part of the consolidated group of Dai-ichi Life Holdings. It currently has 268 employees, was established in August 2010, and has a premium income ... Read the full article
RiverStone to acquire Western P&C
11th August 2022
RiverStone, the US insurance run-off specialist of the Fairfax insurance group, has announced it has reached a tentative agreement to acquire Western Property & Casualty Insurance Company (Western P&C), to be effective this August 2022. According to the announcement, this acquisition will be RiverStone’s first venture into the Vermont captive community. Western ... Read the full article
“Global reinsurance M&A transactions limited next year” – Fitch Ratings
10th August 2022
A new note from Fitch Ratings says that M&A transactions in the global reinsurance sector will be limited into 2023 amid investor concerns over macroeconomic risks and heightened catastrophe losses linked to climate change. As a result, the firm said that it expected reinsurers to prioritise pricing, risk management and organic ... Read the full article
Arthur J. Gallagher acquires Evergreen Insurance Managers
10th August 2022
Arthur J. Gallagher & Co. has acquired Evergreen Insurance Managers for an undisclosed amount. A statement from the firm said it had purchased the wholesale insurance broker and commercial insurance MGA through its Risk Placement Services (RPS) division. J. Patrick Gallagher, Jr., chairman, president, and CEO of Gallagher, said: "The Evergreen team ... Read the full article
Mitsui Sumitomo confirms Transverse acquisition
10th August 2022
Japanese insurance group Mitsui Sumitomo Insurance (MSI) has confirmed that it plans to acquire hybrid P&C program and fronting carrier specialist Transverse Insurance Group, after rumours of a potential deal surfaced last week. MSI has not yet disclosed a price for purchasing Transverse from its current owners, Virgo Investment Group, ... Read the full article
Gallagher acquires risk management consultancy, AnotherDay
9th August 2022
Global insurance and reinsurance brokerage Gallagher has acquired specialist crisis and risk management consultancy, AnotherDay. Founded in 2016, AnotherDay is a UK-based risk management consultancy, helping organisations pre-empt and prepare for complex threats, react to crises and investigate criminality through the use of intelligence and technology. The firm employs around 20 risk, ... Read the full article
Truist Insurance Holdings to acquire BenefitMall
9th August 2022
US based Truist Insurance Holdings, a Truist Financial Corporation subsidiary, has signed a definitive agreement to acquire BenefitMall, a general agency broker services, from funds managed by global investment firm Carlyle. According to the announcement, the transaction will add approximately $150 million of annual revenue to Truist Insurance Holdings' wholesale division. ... Read the full article
Strategic Risk Solutions drives expansion in South Africa with acquisition of Southern Cross
8th August 2022
Strategic Risk Solutions (SRS) has acquired Southern Cross, an insurance management services provider based in South Africa. At the same time, founder and Chief Executive Officer (CEO) of Southern Cross, Terry Petyt joins SRS as Managing Director and Leader of SRS South Africa. With Southern Cross since 2013, Petyt was responsible for ... Read the full article
Phoenix Group to acquire Sun Life UK for £248 million
8th August 2022
Life consolidator Phoenix Group is set to acquire Sun Life UK, a closed book UK life insurance company, for £248 million, funded from existing cash resources. The deal is expected to deliver c.£470 million of incremental long-term cash generation, with approximately 30% of this cash generation to emerge in the first ... Read the full article
Mitsui Sumitomo reported on verge of $400m Transverse acquisition
7th August 2022
Japanese insurance group Mitsui Sumitomo has been reported to be on the verge of a $400 million acquisition of hybrid P&C program and fronting carrier specialist Transverse Insurance Group. Japanese newspaper the Nikkei reported the news and said a deal for the rumoured roughly $400 million acquisition could be announced before ... Read the full article
Jensten Group acquires MGA, Origin UW Limited
5th August 2022
The Jensten Group, one of the UK's leading insurance distribution businesses, has completed a deal to acquire managing general agent (MGA), Origin UW Limited, following regulatory approval. Origin UW is a ‘boutique’ MGA that provides commercial insurance for SME businesses and professionals. Origin also specialises in writing business for clients with a ... Read the full article
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