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.
Aston Lark acquires Lloyd’s broker Protean Risk
28th October 2019
UK insurance broker Aston Lark has acquired specialist Lloyd’s brokerage Protean Risk, the firm’s first purchase since being acquired by the Merchant Banking division of Goldman Sachs in September. Protean Risk focuses on the investment industry, financial services, fintech and technology sectors and has clients ranging from start-ups to international organisations. Peter ... Read the full article
Arthur J. Gallagher takes minority stake in Indian broker Edelweiss
28th October 2019
Global insurance brokerage Arthur J. Gallagher & Co. has completed its purchase of a minority stake in Edelweiss Insurance Brokers Limited (EIBL), the broking unit of Indian financial services conglomerate Edelweiss Group. EIBL provides a range of both insurance and reinsurance solutions, and benefits from the distribution network of its parent ... Read the full article
AXA in €620m sale of Belgian banking operations
25th October 2019
French insurance giant AXA has agreed to sell 100% of its Belgian banking operations to cooperative bank Crelan for a total consideration of €620 million. The deal consists of €540 million in cash and the transfer to AXA Belgium of Crelan Insurance, the insurance company of Crelan valued at €80 million. In ... Read the full article
Beazley takes 30% stake in Hong Kong coverholder Pegasus
23rd October 2019
Specialist insurer Beazley has announced a strategic investment in Pegasus Underwriting Limited, a Hong Kong-based Lloyd’s coverholder. The investment will see Beazley become a 30% shareholder in Pegasus, which it has been working with since January 2019. The collaboration has combined Pegasus’ broking relationships and market knowledge with Beazley’s global expertise in ... Read the full article
Davies Group acquires workers’ comp claims administrator
18th October 2019
Operations management, consulting and digital solutions provider Davies Group has announced the acquisition of Alternative Service Concepts, a workers’ compensation and property casualty third party administrator. ASC is set to join Davies’ newly formed North American Claims Solutions business, alongside its recently-acquired independent adjusting business, Frontier. ASC will form a new ... Read the full article
Nassau agrees to acquire Foresters life insurance & annuity firm
18th October 2019
Hartford, U.S. domiciled insurer and reinsurer, Nassau Financial Group, L.P. has announced that its subsidiary, Nassau Life Insurance Company (NNY), is to acquire Foresters Financial Holding Company, Inc. and Foresters Life Insurance and Annuity Company (FLIAC) from The Independent Order of Foresters (Foresters). Both NNY and FLIAC are New York-based life ... Read the full article
IAG announces sale of its interest in SBI General Insurance
18th October 2019
Insurance Australia Group Limited (IAG) has announced an agreement to sell the entirety of its 26% interest in its joint venture with the State Bank of India, SBI General Insurance Company, through two transactions. The transaction includes an agreement with Napean Opportunities LLP, which is part of Premji Invest, to acquire ... Read the full article
RSG wraps up acquisition of hotel-focused program manager
17th October 2019
Ryan Specialty Group, an international specialty insurance organisation, has completed its previously-announced acquisition of Suitelife, a program manager based in West Chester, PA that specialises in hotels. Founded in 2010, Suitelife offers package, liability, property, umbrella, auto and workers’ compensation coverages to hotels, resort properties and private resort communities. Its program management ... Read the full article
DARAG Guernsey purchases Thames Water captive
17th October 2019
DARAG Guernsey, part of run-off specialist DARAG, is set to acquire captive re/insurer Thames Water Insurance Company Limited (TWICL) from its parent Kemble Water Finance. The captive will be renamed DARAG Insurance (Guernsey) Limited and serve as a consolidator for certain future DARAG non EEA legacy deals, including captive acquisitions and ... Read the full article
AXA looking at potential sale of Central European business, says Reuters
16th October 2019
Reuters has reported that a number of sources have claimed that French insurance giant AXA is considering the sale of its Central European business as part of a restructuring to exit markets where the firm does not have sufficient scale. Reportedly, information packs regarding the sale have been sent to potential ... Read the full article
EPIC Insurance Brokers welcomes Prime Risk to platform
16th October 2019
EPIC Insurance Brokers and Consultants, a retail property and casualty broker and employee benefits consultant, is set to welcome Prime Risk Partners to its national insurance platform. Prime Risk is headquartered in Atlanta and manages a range of risks across the US. The firm will initially operate as Prime Risk Partners – ... Read the full article
Arthur J. Gallagher & Co. acquires Swedish broker Proinova
14th October 2019
Global insurance brokerage Arthur J. Gallagher & Co. has announced the acquisition of Proinova, an insurance broker based in Helsingborg, Sweden. Founded in 1989, Proinova specialises in group solutions for the real estate sector, offering insurance, loss prevention training and claims advocacy services for trade association members. It also serves clients in ... Read the full article
Berkshire’s MedPro gets renewal rights for Swiss Re CorSo health book
14th October 2019
MedPro Group, Berkshire Hathaway's U.S. healthcare liability insurer, has entered into a definitive agreement to acquire the renewal rights of Swiss Re Corporate Solutions' Healthcare Professional Liability book, effective October 11th, 2019. According to an announcement on the deal, the agreement includes Hospital and Senior Care accounts underwritten by Swiss Re ... Read the full article
IGI announces public listing via $400mn Tiberius deal
11th October 2019
International General Insurance Holdings (IGI), the specialist commercial re/insurer, has entered into a business combination agreement with special purpose acquisition firm Tiberius Acquisition Corp., which will result in the public listing of IGI. The agreement prices IGI at approximately 1.26x its book value of $316 million (as of June 30, 2019), ... Read the full article
Gallagher acquires Kentucky-based insurer Garrett-Stotz
11th October 2019
US global insurance brokerage and risk management services firm Arthur J. Gallagher & Co. has announced the purchase of Garrett-Stotz Company, a Kentucky-based insurance agency. Garrett-Stotz was founded in 1931 and is a full-service commercial and personal lines property/casualty and benefits agency. The firm's areas of specialisation include construction/surety, real estate and ... Read the full article
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