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.
Munich Re subsidiary acquired by Cincinnati Financial for £102m
12th October 2018
MSP Underwriting, a global specialty underwriter and Munich Re subsidiary, has been acquired by Cincinnati Financial Corporation for an all-cash transaction of £102 million. Based on MSP’s projected net asset value at closing, the deal will see the firm become a wholly-owned subsidiary of Cincinnati Financial and will continue to operate ... Read the full article
Thomas Miller concludes acquisition of Zeller Associates
11th October 2018
Thomas Miller, an international insurance services provider, has concluded the acquisition of Managing General Agency and Insurance Services businesses of Zeller Associates. The company had previously announced its decision to acquire Zeller Associates on 14 September. Zeller Associates mainly provides risk related and insurance services for shipping, trade and transport, but ... Read the full article
Ascot completes Greyhawk acquisition, launches new U.S unit
10th October 2018
Ascot Group, a Bermuda headquartered insurance and reinsurance firm, has announced the completion of its acquisition of two U.S insurance entities from Greyhawk Insurance, which have been renamed under the brand of its newly launched unit, Ascot Insurance U.S. Ascot also revealed that it has appointed Greg Wolyniec as President and ... Read the full article
SCOR shares rise 19% as deal anticipation builds: J.P. Morgan
9th October 2018
SCOR shares have risen 19% since French insurance group Covéa first revealed its interest in acquiring the reinsurer, and are now approaching the €43 share price offered by Covéa’s initial €8.2 billion (US $9.6 billion) bid, according to J.P. Morgan. Analysts at the firm believe this continued strong price action ... Read the full article
S&P affirms Marsh’s A- rating following JLT acquisition, outlook negative
8th October 2018
Marsh & McLennan has had its A- long-term issuer credit rating affirmed by S&P Global following its $5.6 billion acquisition of JLT, although its outlook is negative. Following an in depth business and financial review, S&P believes Marsh will likely be committed to and able to de-lever back to a range ... Read the full article
Monument Re completes acquisition of Aspecta Assurance Luxembourg
5th October 2018
Monument Re, a Bermuda Class E reinsurer that specialises in the acquisition of run-off, closed and asset-intensive insurers, has completed its previously announced acquisition of Aspecta Assurance International Luxembourg S.A. Aspecta, which has now been renamed as Monument Assurance Luxembourg, is a life insurance undertaking based in Luxembourg with branches in ... Read the full article
Charles Taylor acquires FGR Group in Latin America expansion
5th October 2018
Charles Taylor Adjusting has announced the acquisition of Chile-based loss adjusting and claims program management group FGR, a move that extends its presence across Latin America. FGR provides specialist technical loss adjusting and claims program management services, employing around 385 people in 17 locations in Chile and Peru. The loss adjusting business ... Read the full article
Reinsurance M&A to continue, driven by alternative capital access: Fitch
4th October 2018
Mergers and acquisitions (M&A) activity in the reinsurance industry is expected to continue, driven in part by a desire for companies to gain better access to alternative capital platforms, according to Fitch Ratings. Consolidation provides a range of potential benefits for reinsurers, including revenue diversification, economies of scales, improved return on ... Read the full article
TimesSquare investor urges RenRe to consider potential sale
2nd October 2018
TimesSquare Capital Management, LLC, an institutional asset management firm with a 1.9% stake in RenaissanceRe Holdings Ltd. (RenRe), has penned a letter to RenRe’s Board of Directors urging them to consider a potential sale to boost the valuation of the company. The Wall Street Journal reported earlier today that RenRe ... Read the full article
SCOR may pursue PartnerRe deal following Covéa offer, says Berenberg
2nd October 2018
Analysts at investment bank Berenberg have said that French reinsurance giant SCOR may pursue a merger deal with Bermudian reinsurer PartnerRe as a defence strategy following the rejection of what SCOR considered to be a “hostile and unfriendly” €8.2 billion (US $9.6 billion) takeover bid from Covéa last month. SCOR ... Read the full article
RenRe said to be under investor pressure to run sale process
2nd October 2018
Bermudian reinsurance firm RenaissanceRe (RenRe) is rumoured to be under pressure from its investor, TimesSquare Capital Management LLC, to start a sale process, according to the Wall Street Journal (WSJ). TimesSquare, an asset manager that currently owns a 1.9% stake in RenRe, reportedly believes that the company’s shares are undervalued but ... Read the full article
Willis Towers Watson acquires French broker Dero Courtage
2nd October 2018
Insurance and reinsurance broker Willis Towers Watson has announced the acquisition of Dero Courtage, a risk advisor and insurance broker based in the French region of Normandy, for an undisclosed consideration. Headquartered in Le Havre, Dero Courtage specialises in corporate risks and the protection of executives. Following the acquisition, the business will ... Read the full article
SCOR should not accept offer below €50 per share, says Amber Capital investor
1st October 2018
Joseph Oughourlian, Founder and Managing Partner of long-time SCOR investor Amber Capital, has told the Financial Times that he believes SCOR was right to reject Covéa’s €8.2 billion (US $9.6 billion) acquisition bid, which valued SCOR’s shares at €43 per share. Oughourlian, whose company has been an investor in Scor ... Read the full article
SCOR reaffirms rejection of ‘hostile’ Covéa takeover
28th September 2018
French reinsurance giant SCOR has released a statement reaffirming its rejection of Covéa’s “hostile and unfriendly” acquisition offer of €8.2 billion (US $9.6 billion), and has called for Thierry Derez, Chief Executive Officer (CEO) of Covéa, to permanently resign from SCOR’s Board of Directors. SCOR said that a meeting of ... Read the full article
Covéa CEO temporarily steps down from SCOR’s Board
27th September 2018
Thierry Derez, Chairman and Chief Executive Officer (CEO) of Covéa, is to temporarily step down from SCOR’s Board of Directors following the rejection of an €8.2 billion (US $9.6 billion) acquisition offer made by Covéa last month. Covéa said that Derez would withdraw from the Board until the 2019 annual shareholders’ ... Read the full article
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