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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.

MetLife completes sale of US P&C business to Zurich

8th April 2021

MetLife, Inc. has announced the completion of its previously announced sale of Metropolitan Property and Casualty Insurance Company and certain wholly-owned subsidiaries to Farmers Group, Inc., a subsidiary of Zurich Insurance Group. First reported in November, the $3.94 billion deal sees Farmers Group jointly acquire MetLife Auto & Home ... Read the full article

Porch Group completes Homeowners of America takeover

7th April 2021

Software company Porch Group has completed its previously announced acquisition of Homeowners of America (HOA), a property and casualty insurance company that specializes in residential property coverage for homeowners and investors. HOA is a managing general agent and insurance carrier hybrid and primarily operates in Texas, Arizona, North Carolina, South ... Read the full article

Arthur J. Gallagher acquires Parisco in Norway

7th April 2021

International insurance brokerage firm Arthur J. Gallagher & Co. has announced the acquisition of Parisco, a marine and energy broker based in Norway. Founded in 2001, Parisco serves contractors, offshore service vessels, exploration and production, shipping, passenger vessels and renewable energy clients. Following the acquisition, Parisco head Dag Magne Torjussen and his ... Read the full article

Insurer M&A activity to ‘at least double’ in 2021, says S&P

7th April 2021

Analysis by S&P claims that for 2021, insurance carrier merger and acquisition (M&A) activity is poised for a breakout year, with deal value potentially reaching as high as $71.65 billion in the aggregate. Deal value of this magnitude would represent an increase of 269.5% from the levels seen in 2020, and ... Read the full article

Aegon business sale blocked in Hungary

7th April 2021

Hungarian regulators have refused to give approval to the previously announced sale of Aegon’s Central and Eastern European operations to Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG). Under the €830 million deal, VIG had agreed to acquire Aegon’s insurance, pension, and asset management business in Hungary, Poland, Romania, and ... Read the full article

MS Amlin acquires ITMO to spearhead U.S. MGA platform

7th April 2021

Lloyd's re/insurer MS Amlin is set to acquire U.S. Managing General Agency (MGA), International Transportation and Marine Office, LLC (ITMO) and its associated subsidiaries, subject to customary closing conditions. The acquisition is part of the firm's new strategy to provide access to high quality specialty MGAs in the U.S., which is ... Read the full article

Genworth terminates merger agreement with Oceanwide

7th April 2021

Mortgage insurer Genworth Financial has terminated its merger agreement with China Oceanwide Holdings Group, allowing it to pursue its revised strategic plan without restrictions and without uncertainty regarding its ultimate ownership. The proposed acquisition had initially been set for June 30th, 2019, however this date was pushed back by five months ... Read the full article

MS&AD targets US with $4.5bn war chest: reports

7th April 2021

Mitsui Sumitomo Insurance, part of MS&AD Insurance Group Holdings, intends to spend as much as USD 4.5 billion (500bn yen) on mergers and acquisitions (M&A) through 2023, with a focus on the North American market, reports Nikkei. It's understood by Nikkei that the Japanese insurer is eager to diversify its portfolio ... Read the full article

Amwins acquires Worldwide Facilities

6th April 2021

Amwins Group, the independent wholesale distributor of specialty insurance products in the US, has completed the acquisition of broker Worldwide Facilities. Worldwide is set to compliment Amwins' brokerage, binding authority, underwriting and group benefits capabilities and growth strategy. The acquisition will also strengthen Amwins' casualty and professional lines capabilities, specifically around Construction, ... Read the full article

Ardonagh Global Partners launches, acquires AccuRisk

6th April 2021

Re/insurance broker The Ardonagh Group has announced the launch of Ardonagh Global Partners and its first acquisition in the US. Led by former Chief Executive Officer of Bravo Group Des O'Connor, AGP will look to invest in leading platforms operating in markets and product verticals outside of the UK and Europe ... Read the full article

Aviva wraps up €453m sale of Italian life venture to UBI Banca

6th April 2021

Aviva has announced the completion of its previously announced 80% shareholding in Italian life insurance joint venture to its partner UBI Banca. Aviva received €453 million in cash consideration, a figure which includes €40 million received for the replacement of a subordinated loan provided by Aviva Italia Holding S.p.A. to Aviva ... Read the full article

Marsh (MMA) acquires Montana-based PayneWest Insurance

6th April 2021

Marsh & McLennan Agency LLC (MMA), the middle market agency subsidiary of Marsh, has announced the acquisition of PayneWest Insurance, a Missoula, Montana-based independent agency. PayneWest, which was founded almost 30 years ago, provides business insurance, surety, employee benefits, and personal insurance services to firms and individuals across the Northwest through ... Read the full article

K2 announces acquisition of insurtech Loss Run Pro

1st April 2021

K2 Insurance Services has announced its acquisition of Montana-based insurtech Loss Run Pro (LRP). LRP was founded in early 2020 by Reghan Brandt and focuses on harnessing technology to solve issues across the insurance placement process. K2 considers this a quality acquisition offering growth opportunities throughout the US. Regarding the effectiveness of LRP ... Read the full article

Odyssey Investment Partners acquires SIAA

29th March 2021

Odyssey Investment Partners, a middle-market private equity firm with a successful track record in insurance services, has partnered with the management team at Strategic Insurance Agency Alliance (SIAA) to acquire the company. SIAA, part of the SAN Group, was formed in 1995 and is a leading U.S. alliance of independent insurance ... Read the full article

Chubb “disappointed” by The Hartford rejection

29th March 2021

Global re/insurer Chubb has released a statement saying it is “disappointed” by The Hartford’s decision to reject its $23.24 billion acquisition offer. The Hartford's board unanimously rejected Chubb's takover bid last week on the basis that such a transaction "would not be in the best interests of the company ... Read the full article

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