Reinsurance News
Reinsurance mergers and acquisitions news, covering details of M&A transactions in the works and completed, between insurance, reinsurance and related companies.
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
