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.
R&Q Re acquires Bermuda captive
27th November 2020
R&Q Re, a subsidiary of non-life global specialty insurer Randall & Quilter, has announced the acquisition of a Bermuda-domiciled captive. The transaction is subject to customary closing conditions and regulatory approval. R&Q Re is a Class 3A reinsurer and R&Q’s primary legacy vehicle in Bermuda. It had statuary capital of $100m ... Read the full article
Intact wraps up $3.2 billion capital raise ahead of RSA acquisition
26th November 2020
Canadian property and casualty insurer Intact has taken a step closer to securing its joint-acquisition of RSA with the successful completion of a previously-announced $3.2 billion capital raise. The $3.2 billion was raised via a private placement of 23.8 million subscription receipts to Caisse de dépôt et placement du Québec, ... Read the full article
Zywave confirms acquisition of Insurance Technologies Corporation
26th November 2020
Zywave, a provider of front office distribution SaaS solutions has signed a definitive agreement to acquire Insurance Technologies Corporation (ITC). The company, which is backed by Clearlake Capital Group and Aurora Capital Partners plans to align and integrate ITC's products within its Sales Cloud offering. This would include multiple front-of-office software solutions ... Read the full article
Aston Lark-backed MGA Spring Partners launches, acquires Neon Sapphire
25th November 2020
Spring Partners, a joint venture from broker Aston Lark, has announced its formation as a Managing General Agent platform. Spring Partners, led by CEO Jeremy Miles and Chairman Russell Kilpatrick, has been created to invest in and create new MGAs. “We are excited to be launching Spring Partners, aligning quality capacity with ... Read the full article
Argo received $30m for Ariel Re sale
25th November 2020
Specialty insurer and reinsurer, Argo Group International Holdings Ltd., has confirmed that it received $30 million at the closing of its sale of Ariel Re to private equity investors Pelican Ventures and J.C. Flowers & Co. It was announced earlier today that the two private equity investors have now completed ... Read the full article
Third Point Re shareholders approve Sirius merger
25th November 2020
Hedge fund backed reinsurer Third Point Re and multi-line re/insurer Sirius Group have gained key approvals from shareholders that will enable them to proceed with their planned merger agreement. At a Third Point Re special general meeting, the shareholders approved the issuance of Third Point Re common shares to Sirius Group ... Read the full article
Argo completes sale of Ariel Re to Pelican Ventures and J.C. Flowers
25th November 2020
Private equity investors, Pelican Ventures and J.C. Flowers & Co., have completed their previously announced acquisition of Ariel Re from Argo Group International Holdings. Founded in 2005, Ariel Re had been part of Argo Group since 2017. The company underwrites a global portfolio of reinsurance solutions in Bermuda, London and ... Read the full article
Atlas finalises sale of renewal rights to NATL
25th November 2020
US-based commercial auto insurer, Atlas Financial Holdings has announced that the renewal rights to its agreement to sell its Large Paratransit Accounts to National Interstate Insurance Company (NATL), which was previously announced in July 2020, has been finalised. Following the agreement, Atlas and NATL will work together to transition the handling ... Read the full article
Cohen & Co’s SPAC acquires insurtech Metromile
24th November 2020
Metromile Inc., a San Francisco based car insurance start-up, is set to become a public company via an $842 million combination with INSU Acquisition Corp. II, a special purpose acquisition company (SPAC) sponsored by Cohen & Company. Cohen & Co’s acquisition vehicle completed its initial public offering back in September, ... Read the full article
Phoenix confirms buyer interest in European operations
24th November 2020
Life consolidator Phoenix Group appears to be in the process of weighing up a potential sale within its European business. The company has confirmed recent expressions of interest from third parties within the European life insurance market and says it is “assessing a range of strategic options to maximise value for ... Read the full article
Aviva sells shares in Italian life venture to UBI Banca
24th November 2020
London-headquartered insurer Aviva has agreed to sell its entire 80% shareholding in the Italian life insurance joint venture, Aviva Vita S.p.A, to its partner UBI Banca. Aviva previously announced a commitment to refocus its portfolio, and this transaction represents just that. On completion, Aviva will receive €400 million in cash consideration. The ... Read the full article
Howden set to acquire cyber, tech-focused broker Safeonline
24th November 2020
Insurance broker Howden has agreed to acquire specialist broker and Lloyd’s coverholder Safeonline. The deal will see a team of cyber insurance specialists join Howden’s cyber division and is intended to add resources and expertise to the company's presence in the marketplace. Chris Cotterell, Chief Executive Officer of Safeonline will join Howden ... Read the full article
Kemper to acquire American Access in $370mn deal
24th November 2020
US insurer Kemper is set to acquire American Access Casualty, its related captive insurance agency Newins Insurance Agency Holdings, as well as its subsidiaries, in a cash transaction valued at $370 million. The transaction is expected to close in the first quarter of 2021 and is subject to regulatory approval and ... Read the full article
Zurich eyeing takeover of MetLife’s US P&C business
23rd November 2020
Zurich Insurance Group has confirmed that it is currently in discussions regarding a potential takeover of MetLife’s US property and casualty (P&C) business. The company announced that talks had indeed begun after rumours about an acquisition began circulating in the media. Reuters had previously reported that a deal with life insurer MetLife ... Read the full article
Buckle acquires additional legacy assets from Atlas
18th November 2020
US-based commercial auto insurer Atlas Financial Holdings has announced the sale of further legacy assets to ride-sharing insurance provider Buckle. Buckle recently completed the purchase of Atlas' subsidiary Gateway Insurance Company, following Atlas' decision to move towards an MGA model. Scott D. Wollney, Atlas’ President & CEO said: “We recently announced the closing ... Read the full article
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