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.
Guidewire Software to acquire P&C insurance software provider Cyence
12th October 2017
Software provider to Property and Casualty (P&C) insurers, Guidewire Software, has entered into an agreement to acquire Cyence, a software provider that uses data science and risk analytics to expand P&C insurers' underwriting capabilities to include previously uninsured risks. Cyence offers a data listening and risk analytics solution that combines curation ... Read the full article
Swiss Re takes £800m MS&AD investment into ReAssure, its closed life consolidator
6th October 2017
Global reinsurance giant Swiss Re is set to take an £800 million investment from Japanese insurance holding company MS&AD Insurance Group Holdings Inc (MS&AD) into ReAssure, its UK closed life book consolidator. MS&AD will purchase a 5% stake in ReAssure for £175 million, through an investment in ReAssure Jersey One Limited, ... Read the full article
European re/insurance sector M&A activity to diminish: A.M. Best
4th October 2017
Global ratings agency, A.M. Best, expects to see less consolidation in the European insurance and reinsurance sector in the coming months as opportunities decline alongside appetite. In recent times, merger and acquisition (M&A) activity has been fairly strong and consistent across the European insurance and reinsurance sector, as companies look to ... Read the full article
AXIS acquires shares of Novae as deal nears completion
2nd October 2017
AXIS Capital Holdings Limited has now acquired the shares of Novae Group for 715 pence per share, and expects to secure management of the company no later than October 18th, 2017. AXIS announced in early July that it would acquire Novae Group, before increasing its offer by 2% in ... Read the full article
AXIS’ takeover of Novae expected to be completed by October 18th, 2017
26th September 2017
AXIS Capital Holdings Limited will complete its previously announced acquisition of Novae group in two phases, the deal is expected to be finalised no later than October 18th, 2017. AXIS Capital announced in July this year that it would acquire Novae for $604 million, before increasing the offer in Read the full article
Reinsurers offset sluggish market with M&As: Fitch
8th September 2017
Reinsurers continue to turn to M&As for the opportunity to diversify with some entities choosing to acquire service businesses outside of reinsurance, driven by low returns on reinsurance capital, according to Fitch’s 2017 mid-year financial results report. The main strategy for offsetting sluggish market growth has continued to be M&As this ... Read the full article
Allianz expands African footprint with Ensure Insurance acquisition
4th September 2017
Global insurer Allianz has announced a new binding agreement to acquire 98% of Nigerian domiciled insurance firm, Ensure Insurance Plc., from its main shareholder, Greenoaks Global Holdings Ltd. Ensure Insurance provides life and non-life insurance services and during 2016 produced gross written premiums (GWP) of €11 million ($13.1mn). Nigeria has the largest ... Read the full article
Sompo Canopius sold to Centerbridge Partners consortium for $952m
1st September 2017
Global specialty insurance and reinsurance firm Sompo Canopius AG has been sold to a consortium of investors led by private equity and credit specialist Centerbridge Partners, L.P. for a $952 million fee, by parent Sompo Holdings. This announcement had been expected and rumours about the potential for a Centerbridge led acquisition ... Read the full article
Arch gets negative outlook from A.M. Best on United Guaranty risks
31st August 2017
Bermudian insurance and reinsurance firm Arch Capital Group Ltd. and its Arch Reinsurance Ltd. subsidiary have both had negative outlooks assigned to their credit ratings by A.M. Best. The negative outlooks are due to A.M. Best's view that Arch has experienced a "significant increase in financial leverage" due to the issuance ... Read the full article
AXIS’ increased offer for Novae accepted by shareholders
29th August 2017
The revised and increased offer made by global specialty insurance and reinsurance firm AXIS Capital Holdings Limited to acquire Lloyd’s of London focused diversified specialty re/insurer Novae Group plc has been accepted by shareholders, the company reported today. Novae Group held a General Meeting earlier today in London and approximately 99.97 ... Read the full article
AXIS increases Novae offer by 2%
25th August 2017
Global specialty insurance and reinsurance firm AXIS Capital Holdings Limited has increased its acquisition offer for the shares of Lloyd’s of London focused diversified specialty re/insurer Novae Group plc by 2%, valuing the firm at £477.6 million (US $612m at today's FX rates). The "full and final" offer of 715 pence per ... Read the full article
Mitsui Sumitomo to acquire Fairfax’s 98% First Capital interest
24th August 2017
Fairfax and Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD Insurance Group Holdings, have entered into an agreement to pursue a strategic partnership which will include establishing reinsurance relationships and Mitsui's acquisition of Fairfax's 97.7% interest in First Capital Insurance Limited of Singapore. Under the agreement the firms announced plans to collaborate in ... Read the full article
Compre acquires Norwegian insurer Gjensidige’s legacy portfolio
21st August 2017
Independent reinsurance legacy specialist Compre has announced the acquisition of a legacy portfolio from major Norwegian insurer Gjensidige Forsikring ASA for an undisclosed sum. The legacy portfolio is made up of U.S. asbestos, pollution and health hazard (APH) risks underwritten between 1983 and 1985. Its purchase by Compre was structured as a loss portfolio ... Read the full article
PartnerRe offloads New York unit
17th August 2017
According to SEC filings from both companies, reinsurance firm PartnerRe is to sell its PartnerRe Insurance Company of New York entity to workers compensation specialists Employers Group, Inc. The unit is being sold to Nevada-headquartered Employers Group for a purchase price equal to the statutory capital and surplus of PartnerRe Insurance ... Read the full article
Schinnerer Group enters agreement to acquire ICAT
11th August 2017
The Schinnerer Group has entered an agreement to acquire International Catastrophe Insurance Managers, LLC (ICAT), a managing general agent for property catastrophe insurance, from the Paraline Group. ICAT is headquartered in Colorado and operates in all U.S. States through agents and wholesale brokers with a focus on the property catastrophe market. The ... Read the full article
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