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.
Coronavirus could delay Genworth & China Oceanwide merger
24th March 2020
Mortgage insurer Genworth Financial has said that its planned merger agreement with China Oceanwide Holdings Group Co., Ltd. may be further delayed due to operational disruptions caused by the coronavirus. The New York State Department of Financial Services (NYDFS) recently reapproved the proposed acquisition of control by Oceanwide of Genworth's New ... Read the full article
Could market decline force M&A price renegotiations? (Covea-PartnerRe, Aon-WTW)
23rd March 2020
With pressures from the coronavirus (COVID-19) outbreak causing a surge in market volatility and significant decreases in share prices, there could be a question mark over some of the larger merger and acquisition (M&A) deals announced recently. For example, PartnerRe shares were valued at US $27.20 per share on the New ... Read the full article
Two Sigma-backed ISC acquires Access Partners
20th March 2020
Integrated Specialty Coverages (ISC), a General Agent backed by investment manager Two Sigma, has announced plans to acquire Access Partners Insurance Services, a multi-line wholesale broker. ISC is a technology-focused General Agency that builds end-to-end insurance products using artificial intelligence (AI) and data analytics. It is backed by affiliates of Sightway Capital, ... Read the full article
IGI begins trading on Nasdaq following Tiberius deal
19th March 2020
International General Insurance Holdings (IGI), the specialist commercial re/insurer, has begun trading on the Nasdaq Capital Market following the completion of its business combination deal with Tiberius Acquisition Corp. The deal with Tiberius, which completed earlier this week, resulted in the public listing of IGI. Now, IGI has confirmed that its ... Read the full article
IGI completes Tiberius business combination
17th March 2020
International General Insurance Holdings (IGI), the specialist commercial re/insurer, has completed its business combination with Tiberius. The combination has been approved by Tiberius stockholders, having already been given the go ahead by former IGI shareholders, who exchanged 100% of the outstanding shares of the former IGI for common shares of IGI ... Read the full article
Gallagher acquires P&C broker McConnell, Manit & Trout
17th March 2020
International insurance brokerage firm, Arthur J. Gallagher & Co has acquired full-service property and casualty broker McConnell, Manit & Trout. MMT focuses on servicing building materials, energy, waste, construction and transportation industries and has clients across the US. Rick McConnell, Mike Manit, Doug Trout and their associates are expected to continue operating ... Read the full article
Canopius set to acquire Bermudian reinsurer MultiStrat
16th March 2020
Bermuda-based specialty reinsurance group MultiStrat is set to be acquired by global specialty re/insurer Canopius. Canopius’ chairman and Chief Executive Officer, Michael Watson, has welcomed MultiStrat CEO Bob Forness and his team to the group, stating, “With a strong track record in the Casualty ILS market MultiStrat is recognised for innovation ... Read the full article
Fitch puts Aon on negative watch, citing WTW merger concerns
12th March 2020
Rating agency Fitch has decided to place the ratings of re/insurance broker Aon on negative watch due to complexities surrounding its recently announced merger deal with Willis Towers Watson (WTW). Analysts said Aon’s ‘BBB+’ Issuer Default Rating (IDR) could be negatively affected by the significant deal size of its combination ... Read the full article
Aon / WTW merger a response to tech disruption, analysts
11th March 2020
Analysts at Peel Hunt have underlined the role technology-driven market disruption is playing in Aon’s decision to make a $30 billion-rated move on Willis Towers Watson. With Lloyd’s investing heavily in ongoing modernisation efforts aimed at lowering brokerage costs, Peel Hunt says the deal could be seen as an antidote ... Read the full article
Rating agencies stable on Aon, positive on WTW
10th March 2020
Rating agencies Moody’s and S&P Global Ratings have revised their outlooks for Willis Towers Watson (WTW) to positive, while maintaining a stable view on Aon, following yesterday’s confirmed merger deal between the two broking giants. After weeks of speculation about a potential deal, the companies announced a definitive agreement to ... Read the full article
Nexus broking division acquires trade credit business of Howden UK
10th March 2020
Xenia Broking Group, the independent broking arm of Insurance intermediary holding company Nexus Group, is set to acquire the trade credit business of Howden UK. The transaction will complete on 31 March 2020 following which Xenia will integrate Howden’s trade credit business with its regulated entity Credit Risk Solutions Limited. “This is ... Read the full article
Aon confirms combination with Willis Towers Watson
9th March 2020
Global insurance and reinsurance broker Aon has confirmed that it will combine with rival broker Willis Towers Watson, following weeks of speculation about a potential deal. The companies today announced a definitive agreement to combine in an all-stock transaction with an implied combined equity value of approximately $80 billion. "This combination will ... Read the full article
North America & UK deal activity down in Q4: GlobalData
6th March 2020
Re/insurance industry deal activity was down by 8.7% and 6.5% in North America and the UK, respectively, during the fourth quarter of 2019, according to data and analytics firm GlobalData. A total of 157 deals worth $13.13bn were announced for North America Q4 2019, the firm found, versus a four-quarter average ... Read the full article
Risk Strategies adds captive manager following Atlas Group purchase
6th March 2020
US insurance broker and risk management firm Risk Strategies has acquired captive specialist Atlas Insurance Management. The acquisition is a result of Risk Strategies’ purchase of Atlas Group and its affiliated entities. In addition to managing captive insurance entities, Atlas Insurance Management forms and operates a number of its own insurers. In particular, ... Read the full article
Rating agencies view Covéa takeover as beneficial for PartnerRe
5th March 2020
Rating agencies Fitch and Moody’s have said that they view the recently confirmed acquisition of PartnerRe by Covéa as potentially beneficial for the Bermudian reinsurer. Fitch has placed PartnerRe’s ratings on Rating Watch Positive after the news emerged yesterday, while Moody’s affirmed its ratings and noted that PartnerRe would likely ... Read the full article