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.
Genworth terminates merger agreement with Oceanwide
7th April 2021
Mortgage insurer Genworth Financial has terminated its merger agreement with China Oceanwide Holdings Group, allowing it to pursue its revised strategic plan without restrictions and without uncertainty regarding its ultimate ownership. The proposed acquisition had initially been set for June 30th, 2019, however this date was pushed back by five months ... Read the full article
MS&AD targets US with $4.5bn war chest: reports
7th April 2021
Mitsui Sumitomo Insurance, part of MS&AD Insurance Group Holdings, intends to spend as much as USD 4.5 billion (500bn yen) on mergers and acquisitions (M&A) through 2023, with a focus on the North American market, reports Nikkei. It's understood by Nikkei that the Japanese insurer is eager to diversify its portfolio ... Read the full article
Amwins acquires Worldwide Facilities
6th April 2021
Amwins Group, the independent wholesale distributor of specialty insurance products in the US, has completed the acquisition of broker Worldwide Facilities. Worldwide is set to compliment Amwins' brokerage, binding authority, underwriting and group benefits capabilities and growth strategy. The acquisition will also strengthen Amwins' casualty and professional lines capabilities, specifically around Construction, ... Read the full article
Ardonagh Global Partners launches, acquires AccuRisk
6th April 2021
Re/insurance broker The Ardonagh Group has announced the launch of Ardonagh Global Partners and its first acquisition in the US. Led by former Chief Executive Officer of Bravo Group Des O'Connor, AGP will look to invest in leading platforms operating in markets and product verticals outside of the UK and Europe ... Read the full article
Aviva wraps up €453m sale of Italian life venture to UBI Banca
6th April 2021
Aviva has announced the completion of its previously announced 80% shareholding in Italian life insurance joint venture to its partner UBI Banca. Aviva received €453 million in cash consideration, a figure which includes €40 million received for the replacement of a subordinated loan provided by Aviva Italia Holding S.p.A. to Aviva ... Read the full article
Marsh (MMA) acquires Montana-based PayneWest Insurance
6th April 2021
Marsh & McLennan Agency LLC (MMA), the middle market agency subsidiary of Marsh, has announced the acquisition of PayneWest Insurance, a Missoula, Montana-based independent agency. PayneWest, which was founded almost 30 years ago, provides business insurance, surety, employee benefits, and personal insurance services to firms and individuals across the Northwest through ... Read the full article
K2 announces acquisition of insurtech Loss Run Pro
1st April 2021
K2 Insurance Services has announced its acquisition of Montana-based insurtech Loss Run Pro (LRP). LRP was founded in early 2020 by Reghan Brandt and focuses on harnessing technology to solve issues across the insurance placement process. K2 considers this a quality acquisition offering growth opportunities throughout the US. Regarding the effectiveness of LRP ... Read the full article
Odyssey Investment Partners acquires SIAA
29th March 2021
Odyssey Investment Partners, a middle-market private equity firm with a successful track record in insurance services, has partnered with the management team at Strategic Insurance Agency Alliance (SIAA) to acquire the company. SIAA, part of the SAN Group, was formed in 1995 and is a leading U.S. alliance of independent insurance ... Read the full article
Chubb “disappointed” by The Hartford rejection
29th March 2021
Global re/insurer Chubb has released a statement saying it is “disappointed” by The Hartford’s decision to reject its $23.24 billion acquisition offer. The Hartford's board unanimously rejected Chubb's takover bid last week on the basis that such a transaction "would not be in the best interests of the company ... Read the full article
Allstate exits life & annuity businesses with sale of ALNY to Wilton Re
29th March 2021
The Allstate Corporation has completed its exit from the life and annuity sectors with the sale of Allstate Life Insurance Company of New York (ALNY) to Wilton Re for a sum of $220 million. Under the terms of this definitive agreement, Allstate divests ALNY and also terminates an ALIC stop-loss reinsurance ... Read the full article
Allianz considering offer for The Hartford after Chubb rejection: reports
29th March 2021
German re/insurer Allianz is exploring an offer for The Hartford, after the U.S. property and casualty insurer rejected a recent offer from Chubb, according to Bloomberg reports. Bloomberg, citing people familiar the matter, reports that Allianz is discussing options with potential advisers and views The Hartford as one of the remaining ... Read the full article
Aon / WTW: Reports say EC remedy package in development, progressing
29th March 2021
Aon and Willis Towers Watson (WTW) are making progress in developing a remedy proposal for European Commission regulators, as the pair look to be proactive in making concessions to get the merger completed, according to reports. As we've previously written, competition related concerns are said to be rising, with the ... Read the full article
49% of industry participants felt Chubb would need a higher bid to land Hartford
26th March 2021
Having approached our industry contacts following news that Chubb was lining up an acquisition attempt for rival insurer Hartford, Reinsurance News found 49% believed a higher asking price would be needed for the mega transaction to go ahead. Interestingly our findings came just hours before The Hartford’s board rejected ... Read the full article
Aviva sells Polish arm to Allianz for €2.5bn
26th March 2021
London-headquartered insurer Aviva has reached an agreement with Allianz to sell its entire shareholding in Aviva Poland for €2.5 billion in cash. The deal, which values the Polish business at €2.5 billion, follows the sale of Italian P&C unit Aviva Italia S.p.A. to Allianz for €330 million earlier this month. In ... Read the full article
Aon / WTW considering sale of Gras Savoye in France, reports suggest
25th March 2021
According to L’argus de l’assurance, rumors circulating in the French broking market suggest that Willis Towers Watson (WTW) could be considering a sale of its Gras Savoye unit ahead of its planned merger with Aon. The proposed combination of the broking giants is currently under investigation by regulators, with concerns centering ... Read the full article
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