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.
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
Athene’s AGER continues European growth with Aegon Ireland acquisition
10th August 2017
AGER Bermuda Holding Ltd. has announced that it's to acquire Aegon Ireland plc for roughly 81% of the own funds of Aegon Ireland as of closing, which, as of June 30th 2017 were approximately £200 million ($260 million). AGER Bermuda is the holding company of Athene Holdings Ltd.'s European group companies, and ... Read the full article
Blackstone, GIC & MassMutual acquire Goldman Sach’s entire Rothesay Life shares
9th August 2017
Blackstone, GIC and MassMutual have reach an agreement to acquire Goldman Sachs’ entire shareholding in Rothesay Life. GIC, the largest Singapore sovereign wealth fund, and investment manager Blackstone will hold equal largest stakes, while insurer MassMutual will significantly increase its stake share. Goldman Sachs said it plans to retain a close relationship ... Read the full article
Heritage to acquire NBIC Holdings for $250 million
9th August 2017
Heritage Insurance Holdings, Inc. is to acquire NBIC Holdings, Inc., the parent company of Narragansett Bay Insurance Company, for $250 million in a deal that is expected to close in the fourth-quarter of 2017. The acquisition price will be financed with $210 million in cash and $40 million of the firm's common stock, ... Read the full article
Insurance sector M&A declines in H1 but expected to rebound: Clyde & co
8th August 2017
The volume of insurance mergers and acquisitions (M&A) in the first-half of 2017 declined by 8.6% to 170 deals when compared with the preceding six months, although more deals are expected in the remainder of the year, according to Clyde & Co. Clyde & Co's recently published mid-year 2017 Growth Report ... Read the full article
Allianz & LV= announce joint venture in deal valued at over £1 billion
4th August 2017
After recent media speculation it has now been announced that insurer Allianz and Liverpool Victoria Friendly Society (LV=) are to launch a joint venture under the LV= brand, which will create the third largest personal insurance company in the UK. Earlier this week media reports had claimed a deal was close ... Read the full article
M&A in Asia driven by incentives for foreign diversification & local capacity growth
4th August 2017
Soft market conditions provide the backdrop for reinsurance industry Merger & Acquisitions (M&As) throughout Asia, although the highly varied local industry dynamics and levels of market maturity create a mixed bag of motives, with some reinsurers driven to acquire by foreign diversification needs while others merge to grow their own ... Read the full article
S&P skeptical on P&C reinsurers’ use of M&A to offset market challenges
2nd August 2017
S&P Global Ratings has set its outlook for P&C re/insurance M&A as neutral with a slight negative bias, while re/insurers often see M&As as a viable growth option, the agency remains skeptical as to how effective this strategy of upscaling to offset market challenges really is. As global property and casualty ... Read the full article
Regulator puts stop to Suncorp acquisition of Tower
26th July 2017
The New Zealand Commerce Commission said today that it has "declined to grant clearance to Vero Insurance New Zealand Limited to acquire up to 100% of the shares in Tower Limited." Vero, a subsidiary of Suncorp, had looked set to complete its acquisition of Tower Insurance of New Zealand, after Read the full article
Howden strengthens Asia presence with Sterling Knight acquisition
24th July 2017
Hyperion Insurance Group's retail broking unit, Howden, has completed the acquisition of Singapore-based specialist broker, Sterling Knight, after receiving regulatory approval from the Monetary Authority of Singapore (MAS). Brokerage Sterling Knight specialises in specie and international employee benefits, and the firm's clients include multinationals and SMEs. After the acquisition, Sterling Knight ... Read the full article
Hannover Re completes acquisition of Lloyd’s focused Argenta Holdings
21st July 2017
German reinsurance firm Hannover Re has announced the completion of its acquisition of Lloyd's of London focused player Argenta Holdings Limited, which gives the reinsurer a ready-made syndicate and Lloyd's private capital manager. The acquisition, which was completed yesterday and is effective today, sees Hannover Re gain a Lloyd's syndicate manager ... Read the full article
Nexus adds treaty reinsurance to offerings with Zon Re acquisition
20th July 2017
Nexus Underwriting Managing Limited (Nexus) has acquired U.S. domiciled reinsurance underwriting agency, Zon Re Accident Reinsurance (Zon Re), according to a statement from Nexus backer, B.P. Marsh. B.P. Marsh holds an 18.6% stake in managing general agent (MGA) Nexus, and provided a £30 million loan facility with HPS Capital Partners, of which ... Read the full article
Probitas 1492 signs MOU with Saudi Re to acquire nearly 50% of its Bermuda holding firm shares
17th July 2017
Probitas 1492 - a Lloyd's underwriting syndicate specialising in property, construction and casualty insurance and reinsurance solutions has signed a Memorandum of Understanding with Saudi Re to acquire nearly 50% of the Ordinary Shares of its holding company Probitas Holding Bermuda Ltd (PHBL). Ash Bathia, CEO Probitas, commented that the substantial involvement of ... Read the full article
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