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.
Beach & Associates rebranded to Acrisure
8th December 2020
Beach & Associates, the reinsurance brokerage arm of Acrisure, is to be rebranded as Acrisure Re and Acrisure London Wholesale, the company has announced. The rebrand comes as part of Acrisure’s increasing focus on technology and artificial intelligence, and follows the recent acquisition of AI firm Tulco’s insurance assets. Beach was originally ... Read the full article
GIG under review following AXA acquisition
8th December 2020
AM Best has placed insurance group Gulf Insurance Group (GIG) and its subsidiary Gulf Insurance and Reinsurance Company under review with developing implications of their Financial Strength Rating of A (Excellent). The rating agency’s actions follows GIG’s acquisition of AXA's insurance operations in the Gulf region for $475 million. Last week, ... Read the full article
MMA acquires Heritage Insurance Service in Kentucky
7th December 2020
Marsh & McLennan Agency LLC (MMA), the middle market agency subsidiary of Marsh, has announced the acquisition of Heritage Insurance Service, Inc., an independent agency in Louisville, Kentucky. Established in 1974, Heritage provides business, auto, and home insurance services and solutions, with specialized expertise in the trucking and transportation industry. The company ... Read the full article
CRC set to acquire Continental Underwriters
7th December 2020
Specialty insurer CRC Group has reached an agreement to acquire Continental Underwriters, a provider of primary marine, excess marine liabilities, ocean cargo, and inland marine insurance. The acquisition is expected to close later this year and will see Continental become part of CRC Group’s Programs Division. CRC Group and Continental Underwriters will ... Read the full article
BMS Iberia acquires Spanish broker
4th December 2020
Re/insurance broker BMS Group’s Spanish subsidiary, BMS Mediación Iberia Correduría de Seguros y Reaseguros, has acquired insurance broker Montymarq Asociados Consultores y Corredores de Seguros. Based in Malaga, Montymarq specialises in business, professional and affinity risks in Spain. BMS has acquired Montymarq in full. The staff of Montymarq will join the BMS ... Read the full article
Marsh & McLennan Agency acquires INSPRO
4th December 2020
Marsh's marketing agency subsidiary, Marsh & McLennan Agency, has acquired INSPRO, an independent agency in Nebraska. INSPRO was first established over 8 years ago and provides business insurance, employee benefits, and personal lines insurance services to individuals, families, and SME’s throughout the region. INSPRO’s 138 colleagues will join MMA and continue to ... Read the full article
Geo finalises acquisition of Robus
4th December 2020
Geo Underwriting has announced the completion of its acquisition of Robus, an insurance management, fiduciary and financial advisory group. Robus provides insurance management, protected cell company and captive management, actuarial and ILS services with operations in Guernsey, Gibraltar and Malta. Following the acquisition, the company will continue to operate independently under the ... Read the full article
AJ Gallagher acquires marine broker North Star
4th December 2020
International insurance brokerage firm Arthur J. Gallagher has acquired Seattle-based North Star Insurance Services and Fairhaven, Mass.-based North Star Marine Insurance Services. North Star Insurance Services was first founded in 2001 and is a full-service marine insurance broker serving clients throughout the US. Its portfolio covers the majority of the marine industry, ... Read the full article
Arcus handed lifeline with ERS takeover
3rd December 2020
Arcus syndicate 1856 has narrowly avoided being placed into run-off after specialist motor insurer ERS announced it would back the operation, taking over from Credit Suisse ILS. Credit Suisse has reportedly been seeking new management for Arcus after failing to meet the returns required by its ILS fund management operations in ... Read the full article
Allianz to acquire Westpac’s GI business for AUD 725m
2nd December 2020
Global insurer Allianz has reached an agreement to acquire the general insurance (GI) business of Australian bank and financial services provider, Westpac, for AUD 725 million (approx. USD 535 million). As part of the arrangement, Allianz and Westpac have entered into a new 20-year exclusive agreement for the distribution of general ... Read the full article
Fairfax to sell RiverStone Europe to CVC in $750m transaction
2nd December 2020
Fairfax Financial Holdings Limited has reached an agreement to sell all of its interests in RiverStone Europe to CVC Strategic Opportunities Fund II, a vehicle owned and operated by CVC Capital Partners, for a purchase price of USD 750 million. At the same time, it's been announced that OMERS, the pension ... Read the full article
Genworth & Oceanwide gain further approvals for merger
2nd December 2020
Mortgage insurer Genworth Financial and China Oceanwide Holdings Group have made further progress towards their long-delayed merger agreement after receiving confirmation of the acceptance of filing from the National Development and Reform Commission (NDRC) in China. With NDRC's re-approval, Oceanwide will now move forward with the few remaining regulatory steps required ... Read the full article
Monument Re closes portfolio acquisition from Zurich Life
1st December 2020
Life reinsurance and insurance holding company, Monument Re, has completed its acquisition of a portfolio from Zurich Life Assurance plc. Monument Life Insurance d.a.c, an Ireland-based life insurance subsidiary of Monument Re, completed the acquisition on November 30, 2020. The portfolio in question consisted of unit-linked International Portfolio Bond policies from Zurich ... Read the full article
AmWINS to acquire Bermuda broker ISBL
1st December 2020
AmWINS Group has announced plans to acquire International Specialty Brokers Limited (ISBL), a Bermuda-based P&C wholesale insurance and reinsurance broker. Following the takeover, ISBL will join AmWINS Brokerage and become AmWINS Bermuda from January 1, 2021. AmWINS believes the acquisition will enhance its access to the international market, while complementing the existing ... Read the full article
Singlife led consortium completes acquisition of Aviva’s Singapore business
1st December 2020
A consortium led by Singapore Life Pte. Ltd. (Singlife) has completed its previously announced transaction to combine Singlife with UK insurer Aviva's Singapore operations. With the deal now complete, a new company called Aviva Singlife Holdings Pte. Ltd. will now hold the Singlife and Aviva Singapore legal entities, which will continue ... Read the full article
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