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.
Brookfield Business Partners completes Genworth Canada purchase
16th December 2019
Genworth Financial, Inc. has announced the closing of the sale of its majority share in Genworth MI Canada Inc. to Brookfield Business Partners. The deal was announced in August, and sees Brookfield Business Partners acquire a 57% controlling interest in Genworth MI Canada Inc. for approximately CAD 2.4 billion (USD ... Read the full article
Thomas Miller Specialty acquires Lodestar Marine’s book of business
13th December 2019
Global insurance provider Thomas Miller Specialty has announced that it has completed the acquisition of Lodestar Marine's book of business. As part of the agreement, Lodestar Marine's Vicky Clarke will be joining Thomas Miller Specialty. She brings more than 13 years of experience to the role, and will ensure continuity for ... Read the full article
Helios Underwriting to acquire CatBang for £5.6m
13th December 2019
Helios Underwriting, the Lloyd’s of London investment and underwriting vehicle, has acquired Lloyd's Member Catbang 926 Limited for £5.6 million. The move, intended to increase underwriting capacity through acquisition, will see Helios pay £2 million of the total acquisition price on completion and the balance paid within 60 days of completion. Catbang ... Read the full article
Enstar expands $1bn credit facility to finance reinsurance deals
12th December 2019
Bermuda based insurance, reinsurance, run-off and legacy transaction specialist Enstar Group Limited has increased the total commitments under its $1 billion credit facility to support potential future reinsurance deals. Last year, Enstar and certain subsidiaries entered into a five-year unsecured $600 million revolving credit agreement with a group of lenders. The ... Read the full article
US insurance M&A deals hit $4.17bn in Q3, says GlobalData
12th December 2019
At $4.17 billion, insurance industry mergers & acquisition deals in the US during the third quarter of 2019 spiked 51.2% against the previous quarter, according to GlobalData’s deal database. This figure represents a 34.2% rise when compared with the last four-quarter average of $3.11 billion. The data and analytics firm explains that the ... Read the full article
AXA Equitable Holdings sells certain run-off businesses to Heritage Life Insurance
12th December 2019
AXA Equitable Holdings, Inc. has agreed to sell U.S. Financial Life Insurance Company (USFL) and MONY Life Insurance Company of the Americas, Ltd. (MLICA), to Heritage Life Insurance Company. The total consideration for the transaction has not been disclosed and remains subject to changes in financial condition prior to closing. The ... Read the full article
Risk Strategies acquires Gowie Holdings’ insurance subsidiaries
12th December 2019
US insurance broker and risk management firm Risk Strategies has acquired two subsidiaries of Gowrie Holdings in a move aimed at bolstering the capabilities of the firm’s national private client practice. The acquisitions include both Gowrie Group, a full-service national specialty retail insurance brokerage, as well as Maritime Program Group, a ... Read the full article
Brown & Brown eyes Canadian broker market with Special Risk acquisition
11th December 2019
Insurance brokerage firm Brown & Brown, Inc. has announced an agreement to acquire the assets of Canada domiciled MGA, Special Risk. Brown & Brown says that the acquisition of Special Risk is an important step towards its establishment of a presence in the Canadian insurance brokerage sector. Following the completion of the ... Read the full article
PIB acquires CMR Insurance Services, Sue Smith Ltd
11th December 2019
PIB Group, an acquisition vehicle backed by US private equity firm Carlyle, has purchased CMR Insurance Services and Sue Smith Ltd. CMR provides clients with insurance protection against bad debts for UK and export sales through managed credit insurance policies, as well as claims and debt collection services. The team of twelve ... Read the full article
Monument Re buys Irish life insurer from Cattolica Assicurazioni
11th December 2019
Bermudian reinsurer Monument Re has announced the acquisition of Cattolica Life DAC from Cattolica Assicurazioni. Cattolica Life is a life insurer domiciled in Ireland which ceased new activity since 2017. Monument Re noted that the transaction will have no impact on clients and policyholders. The company further stipulated that change of control of ... Read the full article
Global insurance industry M&A activity up in Q3: GlobalData
11th December 2019
In the third-quarter of 2019, total insurance industry merger and acquisition (M&A) deals worth $15.17 billion were announced around the world, which is up 51% on the previous quarter, according to GlobalData. The firm's deals database reveals that although the value of insurance industry deals in Q3 2019 increased on the ... Read the full article
Watford to acquire French P&C insurer Axeria IARD
9th December 2019
Bermuda domiciled insurance and reinsurance company Watford Holdings Ltd. has entered into an agreement to purchase Axeria IARD, a property and casualty (P&C) insurer based in France. Headquartered in Lyon, Axeria IARD also maintains branch offices in Lille and Bordeaux and is active in the French and EU commercial P&C markets. The ... Read the full article
Swiss Re selling ReAssure to Phoenix Group in £3.25bn deal
6th December 2019
Swiss Re has finally found its exit point from its UK closed life book consolidator business, ReAssure, agreeing to sell the ReAssure Group plc business to the largest pensions and life consolidation specialist in Europe, Phoenix Group Holdings plc in a deal worth UK £3.25bn. Swiss Re has been seeking to ... Read the full article
Aston Lark set to acquire Wright Insurance Brokers in Ireland
5th December 2019
UK insurance brokerage Aston Lark has announced that it plans to acquire Wright Insurance Brokers, based in Ireland. Wright Insurance Brokers is a specialist in the commercial and transport sectors, with offices in Wexford and Carlow. The company was founded by insurance investors Tony and Breda Wright and employs over 150 across ... Read the full article
Verisk acquires life insurance & annuity software company, FAST
5th December 2019
Verisk Analytics has announced that it has signed a definitive agreement to acquire FAST, a software firm for the life insurance and annuity sector, for a purchase price of $193.5 million. FAST, which stands for Flexible Architecture, Simplified Technology, offers a policy administration system that enables insurers to accelerate both underwriting ... Read the full article
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