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.
HDI Intl. sells Russian life insurance unit to Russian Sovcombank
5th January 2022
Talanx subsidiary, HDI International AG, is selling its Russian life insurance unit OOO Strakhovaya Kompaniya CiV Life (CiV Life) to Russian Sovcombank. With this sale, the Talanx Group is streamlining the portfolio of its Retail International Division in Central and Eastern Europe and underscoring its focus on profitable growth in its ... Read the full article
Fortitude Re finalises acquisition of AIG’s legacy insurance businesses
5th January 2022
Fortitude Group Holdings, LLC, the parent of Bermuda-based reinsurer Fortitude Re, has now completed its takeover of AIG's legacy insurance businesses following the acquisition of Fortitude Life & Annuity Solutions, Inc. (FLAS) and Fortitude P&C Solutions, Inc. (FPCS). It was announced in late November 2019 that the Carlyle Group and ... Read the full article
Weston Property & Casualty Insurance Company launches
5th January 2022
In a reflection of the evolution of the Weston group of companies, Weston Insurance Company (WIC) and Weston Specialty Insurance Company (WSIC) have merged to form Weston Property & Casualty Insurance Company (WPCIC). Based in Florida, WPCIC has a specialist focus in providing insurance against protection for losses from natural catastrophes ... Read the full article
Core Specialty completes merger combination with Lancer
3rd January 2022
Specialty property and casualty (P&C) insurers Core Specialty has now completed its previously announced merger combination with commercial auto specialist Lancer Insurance Group, growing its business into one holding pro forma capital of over $1.1 billion. The merger was announced back in April 2021, with Lancer expected to operate as ... Read the full article
Apollo completes merger with Athene, lifting market cap to $43bn
3rd January 2022
Apollo has now completed its merger with life and retirement reinsurance company Athene Holding Ltd., creating a company with an implied market capitalisation of around $43 billion. Apollo now considers itself a "high-growth alternative asset manager with asset management and retirement services capabilities", with two subsidiaries, Apollo Asset Management (formerly known ... Read the full article
Ryan Specialty completes acquisition of Keystone Risk Partners
3rd January 2022
International specialty insurance firm, Ryan Specialty Group, has now completed its acquisition of certain assets of the Media, PA based insurance operation Keystone Risk Partners, LLC. The acquisition was previously announced last month. Keystone Risk Partners offers a range of alternative risk products and services, including captive consulting and management, as ... Read the full article
Markerstudy to acquire BGL’s insurance arm for £400m: Report
3rd January 2022
UK motor insurance specialist Markerstudy is reported to be acquiring the insurance operations of BGL Group, which also owns price comparison giant Comparethemarket, in a deal worth £400 million. Sky News reported yesterday that Markerstudy is buying the BGL insurance operation with the support of a capital injection from its private ... Read the full article
Zurich frees $1.2bn of capital with sale of $9.5bn Italian life & pensions back book
3rd January 2022
Global insurer Zurich Insurance Group announced this morning that it is freeing up roughly US $1.2 billion of capital through the sale of its legacy Italian life and pensions book of policies. Zurich said that its subsidiary Zurich Investments Life S.p.A. is selling its life and pension back book, which includes ... Read the full article
AXA completes €690mn sale of Belgian banking operations
31st December 2021
French insurance giant AXA has sold 100% of its Belgian banking operations to cooperative bank Crelan for a total consideration of €690 million. The deal consists of €610 million in cash and the transfer to AXA Belgium of Crelan Insurance, the insurance company of Crelan valued at €80 million. In addition, AXA ... Read the full article
HSBC approved to take full ownership of HSBC Life China
31st December 2021
HSBC Holdings plc has underscored its commitment to expanding in China after its indirect wholly-owned subsidiary, HSBC Insurance (Asia) Limited, received approval from the Shanghai office of the China Banking and Insurance Regulatory Commission to acquire the remaining 50% stake in HSBC Life Insurance Company Limited (HSBC Life China). The approval ... Read the full article
SafePoint assumes Louisiana policies from insolvent insurers
30th December 2021
Florida-based property and casualty insurer SafePoint has been approved to takeover approximately 30,000 homeowners policies in Louisiana from two insurance firms that became insolvent following losses from Hurricane Ida earlier this year. Access Home Insurance Co. and State National Fire Insurance Co. were placed into receivership in November, throwing the coverage ... Read the full article
MAPFRE sells Bankia stake to Caixabank in €571m deal
30th December 2021
Spanish insurer MAPFRE has agreed to terminate its bancassurance agreement with Caixabank, following a change in ownership last year. The agreement sees MAPFRE sell its 51% stake Bankia’s insurance business in a deal worth €571 million, with the potential for an additional €52 million from an arbitration process. Caixabank, which took over ... Read the full article
The Ardonagh Group & Mphasis expand digital transformation efforts
30th December 2021
Building on their recently established relationship, The Ardonagh Group and Mphasis, an IT solutions provider specialising in cloud and cognitive services, have agreed to setup a shared service entity for middle and back-office functions while applying digital transformation. Last year, Mphasis entered into a deal with the Specialty Broking Segment of ... Read the full article
Premia targets European run-off growth, completes latest acquisition
29th December 2021
Bermuda domiciled reinsurance run-off group, Premia Holdings has completed the acquisition of Navigators Holdings (Europe) NV and its associated companies from The Hartford. The associated companies included in the acquisition are Assurances Continentales – Continentale Verzekeringen NV of Belgium and Canal Re S.A. of Luxembourg, known collectively as ASCO, both of ... Read the full article
DARAG to acquire Texas-based insurer
29th December 2021
Legacy acquirer DARAG Group has entered into a new agreement to purchase a Texas-based insurer in run-off. DARAG will look to use this insurer as its key US-based carrier to assume previously self-insured risk and other third-party legacy portfolios requiring licensed paper. The transaction, which has received regulatory approval, will also relieve ... Read the full article