-
The carrier will reassess the market in the fourth quarter, or early in 2025.
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A fresh investor will be needed to put meaningful cash on the table for a US retail deal.
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Available net cash proceeds on closing are now down ~$100mn to $65mn-$110mn
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A thriving competitive intermediary market is what keeps London fresh.
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The MGA has seen a “significant uptick” in dealmaking in the sector.
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The legacy carrier is to buy the captive from a “very large” multinational firm.
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The vehicle has made at least 19 acquisitions since its 2020 purchase by HGGC.
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The deal gives follow form binding authority on behalf of syndicates 1609 and 5399.
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The agreement from Fleming to honour original terms still leaves it open to long-term damage.
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The parties completed the acquisition of JRG Re “at the previously agreed upon terms.”
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Ageas made headlines this year following an attempt to acquire Direct Line.
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The MGA was founded by Natasha Attray, James Dodd, James Fletcher and Charles Turnham.
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Increasingly, deals are being brought to market but not transacted on.
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R&Q Legacy will book adverse development of ~23% of net reserves for the year.
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Blue Signing Re CEO Velasquez will be XS Global's head of casualty motor, L&H and benefits.
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The MGA platform has been under auction since last year.
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Fleming had attempted to land ~$78mn in ‘economic concessions’ on the deal.
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The deal includes an LPT of ~$2bn loss reserves for 2016-2023 years with Arch Re.
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A deal was announced last July, with Cathay agreeing to take a 16.75% GIH stake.
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There were 166 deals over $100mn and 34 deals over $1bn in the first quarter of the year.
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Sources said the Bermuda carrier has been working with Jefferies on the sale.
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The Singapore sovereign wealth fund has taken over GIC’s holdings in the broker.
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BP Marsh took a 30% cumulative preferred ordinary shareholding in Devonshire.
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The deal will create a personal lines firm controlling £3bn in premiums.
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AI was the hot topic throughout the InsurTech Insights event.
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This follows the broker’s report last year, which also found a “notable uptick” in claims.
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The UK and Ireland led in the EU market, with 232 deals announced.
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Direct Line had rejected two prior attempts by the Belgian carrier.
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The unit will target Northern European M&A within the next six months.
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Retentions and coverage could be affected by future adverse claims trends.
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The Goldman-backed consolidator branched out into MGAs this year.
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The talks are advanced, and the process is likely to move rapidly.
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The deal comes after 127 transactions for Risk Strategies since 2018.
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The transaction is expected to close before the end of the second quarter.
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The agency will track the potential impact of the lawsuit on James River’s ratings.
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The Belgian carrier lodged a takeover bid in January.
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The broker had recently received “multiple strategic approaches”.
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James River sued Fleming yesterday to enforce the $277mn sale of its casualty re unit.
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Fleming has claimed breach of contract and is seeking roughly $78mn in “economic concessions”.
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The broker aimed to secure better terms and borrow more from public lenders.
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Aviva will need to manage the talent base deftly to get the most from the deal.
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Lloyd’s is now an attractive environment for entrepreneurs, the CEO said.
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The carrier has been looking to enter the Lloyd’s market since 2021.
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Direct Line’s board said it received the offer on 19 January and rejected it on 29 January.
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Ryan entered into a £200mn currency forward to manage the appreciation risk of the Castel deal.
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The Lloyd’s legacy business has been placed up for sale, along with other units.
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Direct Line's shares surged by 28% following the confirmation.
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The insurance services firm is owned by Lovell Minnick.
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Its PE owners have been exploring strategic options since May last year.
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The firm will have more flexibility around talent compensation and M&A activity.
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The enterprise value is around 18x Truist Insurance’s 2023 core Ebitda.
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Enstar acquired 637,640 shares of James River in Q4 last year valued at nearly $6mn.
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Arm is based in Guernsey and has a Bermudan management licence.
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Earlier in the process, sources linked Sentry Insurance with a bid for the E&S insurer.
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Howden acquired a majority interest in Mexico’s Adrisa in 2020 and Grupo Ordas in 2017.
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BP Marsh sold Thompson-founded Kentro to Brown & Brown last year.
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Investors are still keen on UK broking – but they may expect more for their money.
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According to its 2023 10-K, Gallagher spent $3.74bn on M&A activity.
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The newly launched Marco Re will be led by Mark Elliott as CEO.
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The Livingbridge-backed broker may return to market in 2025.
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The transition is expected to be completed shortly after Q1 2024.
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Rising legal costs show the risk of Howden’s growth-hungry approach.
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The PE firm is exercising an option to maintain a significant holding.
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The insurer launched in Q4 2023 with $250mn of backing from Altamont.
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It is understood that the bank has been tapped to handle inbound attention.
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Rates have fallen on the back of reduced deal flow in 2023.
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The decision may point to a wide bid-ask spread between buyers and sellers.
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Putting together two “show me” stories risks investor skepticism.
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Chubb withdrew from writing transactional risk in London and all territories outside the US in 2020.
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A deal would mark Amwins’ second LatAm sale, after this publication revealed that Lockton acquired THB Brazil last May.
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Ron Gardenier, the current chief MGA at Aon, will be appointed CEO of the newly formed entity.
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In its first year under new ownership and after setting up its own managing agency in 2022, the Lloyd’s syndicate is looking at ways to leverage its infrastructure.
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Mosaic has also added CNA Hardy’s Emily Humphreys to its PV team as part of the deal.
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Additional disclosure following the RenRe acquisition reveals results for both carriers for the nine months to 30 September last year.
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R&Q is still dealing with a Bermudian regulatory review, personnel turnover and a transitioning business model.
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Just over half of votes cast were in favour of the $465mn sale to Onex.
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The Italian carrier will buy out joint venture partner CNPC Capital.
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The broker said there was a “record level of dry powder” waiting to be deployed.
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The legacy carrier has acquired two portfolios of European casualty and motor liabilities from two separate insurance groups.
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This follows a challenging period for business last year.
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Selling investor Zimmer said the deal was concluded at a premium to book value, but no numbers were disclosed.
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In the second part of our themes for 2024 outlook, we explore how fear of missing out in cat reinsurance is still contrasting with an upstreaming of risk that is creating fallout for primary insurers, while momentum in facilitisation and ESG continues.
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In the first section of our two-part outlook for 2024, we explore why macro-economic concerns are taking a step back, though casualty pricing micro-cycles highlight ongoing caution.
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The deal’s consideration consisted of a cash payment of $119mn and the 13.5% equity interest that Enstar held in Northshore, the parent of Lloyd’s underwriter Atrium.
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The deal follows this publication’s report that the Bank of America-run sale process of Castel was drawing robust interest.
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The CEO also disclosed that the break fee on the takeover is $250mn.
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The deal is expected to close in mid-2024 and will be funded by $7bn of cash and $6.4bn of Aon stock.
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The acquisition was “amongst the most significant” the broker has made in Continental Europe, according to Howden.
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CVC funds will invest into Dale to support business growth, which will result in CVC acquiring a majority stake in the business, the companies said.
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It is understood that AUB’s investment in Mexbrit includes the broker’s marine-focused MGA subsidiary Forte Underwriters.
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Potential suitors have been asked to bid off adjusted Ebitda of ~£40mn.
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The deal is the latest in a wave of European broker consolidation.
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The pair bought the broker together from WTW in 2021.
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CBC is SRG’s 19th acquisition to date and its sixth this year.
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The sale of the carrier’s home and pet operations includes an initial cash consideration of £82.5mn, with the potential to earn up to £32.5mn more.
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Over the last seven years Euclid has insured $3.2tn of deal value and has booked nearly $770bn of total incurred loss through 97 paid claims.
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Backed by Aviva’s underwriting capacity, Optiom provides vehicle replacement insurance in Canada.
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The Bill O’Farrell-led legacy business has appointed Evercore as it looks for a fresh PE or strategic backer.
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WTW also said private equity will continue to dominate the M&A landscape in 2024, with firms sitting on “over $2tn in dry powder” which is ready to deploy.
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UK and Europe head Pathak said MGAs offer strong cash generation and low volatility.
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The $10bn broking firm is progressing in its pivot towards specialty and international business, and an asset management model.
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Current CEO Thomas Bradley, who announced his intention to retire on the closure of the deal, will receive a one-time cash bonus of $1.2mn.
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To help you keep track of investment activity in the UK's private broking sector, Insurance Insider has mapped out the important relationships between the key players and their capital providers.
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Trading at just 0.6x book, the firm is a cheap option for an insurer which is looking to enter E&S, or is underweight in the sector.
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The consideration is expected to be around $140mn plus a $25mn dividend.
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The venture received “insufficient commitments” for its insurance vehicle London Innovation Underwriters.
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Two days ago, the company announced the sale of its casualty reinsurance subsidiary to Fleming for $277mn.
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The news comes around five months after this publication revealed that Latin America’s third-largest carrier had placed certain foreign subsidiaries up for sale.
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Liberty GTS noted a fall in the proportion of R&W notifications where the potential loss exceeds the retention in the last 12 months as compared to the preceding 12 months.
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The deal comes over a year after this publication revealed that the companies were in takeover conversations.
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The (re)insurer has proposed the acquisition of a 51% stake in Kotak Mahindra General Insurance Company for $488mn.
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The deal was announced in late May, with RenRe taking over AIG’s treaty business, including AlphaCat Managers, and all renewal rights to Talbot’s reinsurance treaty unit.
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The R&Q share price has plummeted since the sale of the ~$1.8bn-premium fronting arm was announced 10 days ago.
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The Swiss business controls around $1.3bn in premium.
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The 3x3 plan takes the things about the firm over the last decade that have been distinctive and intensifies them.
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Aon’s three-year plan will allow the firm to go “further faster” in serving clients with increasingly complicated needs, as well as creating additional operating leverage that will create the opportunity for Aon to deploy capital more broadly, CEO Greg Case told this publication.
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The LPT comes less than a week after the legacy carrier agreed the sale of its program management business, Accredited.
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Sources said the PE heavyweight shelved the stake sale plans earlier this year as multiples in the adjusting segment remain under pressure.
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The bids received did not meet the seller’s reserve price, and it is likely to remarket the unit in two to three years.
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The Bermudian’s global property CUO and European chief says it is ready to expand if conditions remain favourable.
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Halfway through a complex restructuring is not the time for a CEO (and CFO) change.
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R&Q CEO William Spiegel will transfer to the Accredited program management business.
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The carrier was one of Certa’s original capacity providers at its 2019 launch.
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Plus, all the latest company results, executive moves and top news from the week.
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Intact and RSA will pay a £520mn cash consideration for the brokered commercial lines operation.
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Sources said the fronting carrier is expecting to seal a deal in early 2024 as its strategic process pivots from a full sale.
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The business was absorbed into AGCS from the former Fireman’s Fund portfolio.
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It is understood the MGA will run a restricted process, but owners are open-minded on counterparties.
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The specialist MGA was launched in February 2019 by former Aspen active underwriter Ed Beckwith in collaboration with former Pembroke head of tax Tom Cartwright.
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Gulf insurers have borne the brunt of reinsurance rate corrections in the past couple of years, but a different, albeit similar market segment is emerging as a focus for concern ahead of this year’s 1 January renewal.
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Talanx, Groupama and Itas had shown interest in the P&C business.
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BP Marsh will receive a £51.5mn cash consideration from the sale of its 18.7% shareholding in in the company.
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Despite an upswing in deal activity, large deals have continued to see a steady decline in volume that began in 2021.
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Shares have slid back since a mid-morning peak of around 10% above the prior close.
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The period had a 35% increase in private equity activity, directly and through portfolio companies.
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The carrier has received approval from the UK Financial Conduct Authority for the £550mn sale.
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The executive said the broker was primed to take advantage of sector tailwinds, and continue attracting talent.
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The business has engaged with the AssuredPartners process, and has also met with a range of other private brokers including Galway and NFP.
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A completion of the investment by the continental PE firm has coincided with the appointment of Emmanuel Clarke as BMS Group chairman.
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DirectAsia is a direct-to-consumer business operating in Singapore and Thailand that predominantly sells motor insurance.
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The news comes a few weeks after this publication revealed that UIB was in advanced discussions to take over local broker South Re.
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The business is likely to be marketed off a roughly EUR120mn Ebitda amid heightened PE interest in German brokers.
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Insurance Insider revealed yesterday that the two firms were in advanced talks over a potential transaction.
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Goldman Sachs’ private equity arm and Atlas Merchant are no longer involved in the process, sources said.
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The business specialises in space and terror risks.
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The personal lines strategy mirrors the buy, build and sell playbook you would see from a sponsor.
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This CVC investment has come hot on the heels of an H1 result which showed performance plus growth, and should be interpreted as vindication of the work done at Lloyd’s.
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The Duncan Dale-led business has reached an ‘inflection point’ where a large, aligned capital provider is advantageous, executives say.
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The deal will provide the group with significant additional funds to support M&A in its international and specialty segments.
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The deal values Ardonagh’s UK personal lines business at around £1.2bn and creates a business with millions of customers.
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The private equity firm is targeting $1trn in assets under management for the combined segment.
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The exit is part of a strategy to simplify the company's geographic footprint following the international disposal programme completed in 2021.
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Our virtual roundtable polled senior industry figures on the biggest questions facing the reinsurance industry. Today, we look ahead to the influences steering M&A market conditions.
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The business generated written premiums of £530mn in 2022 and had an average combined ratio of 96% across 2021 and 2022.
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The two parametric businesses will be brought together as the UK and German governments sell out.
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The news comes two months after this publication revealed that UIB was exploring the acquisition of the Lima-based aviation-focused reinsurance intermediary.
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The breakdown of discussions that had been expected to yield a deal leave the ownership of Ash Bathia’s Lloyd’s business in question.
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It is understood that the three firms are in the late stages of the process, with a September deal targeted.
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The company has narrowed the pool of potential US targets to acquire from six to two and expects to provide more details in coming weeks.
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On completion, Honan CEO Fluitsma will report to Marsh Pacific CEO Nick Harris.
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The deal comes after this publication revealed that Sura’s sale of its Salvadorean unit had drawn the interest of regional carriers Ficohsa and ASSA.
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The Americas saw the largest fall in M&A activity over the first half of 2023.
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It was reported last month that Axa was believed to be preparing for a sale of Axa XL Re.
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Gallagher Re's latest Global InsurTech report has shown that Q2 funding dropped below $1bn to the lowest quarterly investment level in three years.
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Sources said the private equity house is working with Bank of America and has approached institutional capital including PE firms and sovereign wealth funds.
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Investment bank Houlihan Lokey has been retained to advise on the transaction.
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The four syndicate backers have indicated that they intend to take Westfield’s 65.2p per £1 deal.
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WTW exploring reinsurance exec recruitment comes at a time of competitive tension in the market.
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Gallagher Re posted 11% organic growth in Q2, down from 12% in Q1, while RPS recorded 10%, up from 8% the previous quarter.
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Sources suggest that, based on a multiple of 15x-17x Ebitda, the business could be valued at £300mn-£375mn.
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Areas of focus should include hiring external talent, securing capital for M&A, speeding up US growth, and answering the reinsurance question.
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This acquisition is part of Howden’s wider strategy to expand its product offering for Swiss and multinational clients.
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Other bidders included France's Groupama and Italy's Itas.
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Clear Blue has put its sales process on hold as the fronting company assesses the implications of Vesttoo’s collateral inconsistencies, this publication has learned.
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The vehicle will focus on middle-market transactions in the US and Europe across the insurance value chain.
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The two firms held serious talks last year but were unable to get a deal to the line due to a valuation mismatch.
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The acquisition is led by former Capsicum and Guy Carpenter fac broker Márcio Ribeiro.
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Sources said parties inquiring about Sura’s operation in El Salvador include ASSA and Ficohsa, two of the largest carriers in the region.
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The deal marks Clear’s second commercial MGA deal after it acquired a 50% stake in Thomond Underwriting Limited earlier this month.
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The move is part of NBS's goal to double its size within the next five years through organic growth and acquisitions.
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Axa’s lack of success in selling its more volatile XL Re segment has led the insurer to cut back on those lines, but the current rate environment makes this a good time to revisit a sale.
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The company has pivoted its original plans for a reverse acquisition and is targeting becoming a listed Lloyd’s vehicle, with £130mn redeemed as it extended its deal-making deadline.
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The company’s offer of 62.5p per £1 of capacity is above an independent valuation of 45p, as further details emerged on changes to the syndicate’s business plan.
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It didn’t take long after the Validus-RenRe deal for the next possible reinsurance consolidation target to emerge.
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Under terms of the partnership, Arch Capital has acquired a minority stake in the Bermuda-based MGA.
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The French carrier is exploring the spin-off of the XL Re operations via a private sale or stock market listing, according to Reuters.
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The uniqueness of the Probitas business, its management and its backers mean this will not necessarily be a straightforward sale.
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Insurers are turning to developing markets, where premiums are higher, as deals dry up.
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As M&A activity picks up, sources said Central American reinsurance broker Asesores Intermediarios de Reaseguro is exploring a sale of the business.
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The carrier has agreed to acquire the former Credit Suisse ILS unit, following the acquisition of sister company Humboldt Re in 2021.
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The deal is Clear Group’s first investment in an underwriting business.
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Management has conducted a round of talks with potential acquirers to assess interest in the Lloyd’s business.
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As part of the deal with Generali, Cathay will take a 16.75% stake in GIH.
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Investment bank Perella Weinberg has again been enlisted to advise on a potential sale.
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CCR Group sold CCR Re to a consortium at the beginning of the month for EUR974mn.
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The broker has made a series of acquisitions in Europe in the entertainment space this year.
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This will be the sixth Australian acquisition by BMS in the past year.
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Sources said the company has approached some US bankers and consultants as it is actively looking for potential targets in the country.
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As part of the deal, 12 Piiq employees will join Gallagher bringing with them a handful of US-focused clients.
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CCR Group will retain a 25% stake in the company, with SMABTP and MACSF holding 75%.
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The market has suffered from a glut of capital, and a number of structural features that make winning hard.
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Pantheon Specialty will assume 100% ownership of Denison and Partners, another BP Marsh-backed broker.
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Financials Acquisitions Corp is looking to extend its merger deadline and raise “substantial” extra funds.
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The deals take Howden’s Swiss headcount to 130 across eight locations.
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The deal comes only months after the acquisition of Franz Gossler.
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The sale includes Liberty Seguros operations in Ireland, Northern Ireland, Portugal and Spain.
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There are more examples in the market of more experienced entrepreneurs going out to get capital to start up and "do it themselves”, according to CIO Dan Topping.
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Any capital event is likely to take place following the hurricane season, Reuters reported.
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The Exeter broker has expertise in placing coverage in the recycling industry, and has around £10mn GWP per year.
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Ebitda multiples for MGAs are undented by rising interest rates, report claims.
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Sources said some assets expected to be up for sale include Central American units and other businesses, including some Mexican and larger South American operations.
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The investor will give shareholders up to £13mn in cash over the next three years through special dividends and share buybacks.
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Morgan Stanley and Golman Sachs exercised in full their right to buy 945,000 shares in the company.
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Re Solution CEO Asaf Grinstein will become CEO of Guy Carpenter Israel.
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Verisk said the deal will expand its data and technology solutions for straight-through processing and distribution to a growing market of SME brokers, coverholders and MGAs.
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Talanx said the transaction will make the company the third-largest P&C insurer in Latin America.
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In reality, there are three credible buyers for the ~EUR200mn-book-value Darag – Riverstone, Enstar or Premia.
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Sources said the (re)insurer held an equity interest of approximately 20% in the Miami-based MGA.
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The transaction will coincide with a CEO succession as Karl Wall hands the reins to M&A head Tom Nichols.
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The carrier intends to use the cash raised as part of its consideration for Validus.
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The deal is the third scale-up buyout for the firm, highlighting the ongoing value of scale in the reinsurance segment.
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The US retailer’s acquisition of the UK MGA and broking group will be mutually beneficial, according to executives.
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The deal is not predicted to have a long-term impact on RenRe’s financial leverage, AM Best said.
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The takeover will push it up two places to rank as the fifth-largest writer of P&C reinsurance by gross premium.
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The deal represents a 3.41x money multiple for Kentro Capital’s largest single investor.
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The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.
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The transaction is expected to close in the fourth quarter, subject to regulatory approvals. Financial details were not disclosed.
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The deal represents RenRe’s third Bermuda consolidation deal following Platinum and TMR.
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The portfolio comprises of large deductible and guaranteed-cost workers’ compensation policies.
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Investment bank Macquarie has been retained to advise the legacy firm on the disposals.
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Tysers Retail Limited was established as a separate entity in the wake of AUB’s acquisition of the broker.
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Howden Tiger is advising the Bermudian as it seeks to realize value from its portfolio and simplify its story for investors.
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The PE firm also invests in Markerstudy and previously backed broker Specialist Risk Group.
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Loeb revealed his intention to take SiriusPoint private last month, saying that it would better position the company to execute its turnaround strategy.
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The transaction, which was announced in early January, included Ambridge’s operations in the US, UK and Germany.
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The non-catastrophe ILS platform hit a valuation of $1bn after a Series C funding round.
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The deal would create a consumer distribution behemoth with more than £200mn of Ebitda.
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Following the deal, Jose Otavio Sampaio will continue as Lockton Brazil CEO while THB Brazil CEO Eduardo Lucena will become deputy CEO of the combined entity.
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In early January, the company completed the transactions to increase its position in Huatai to 64.2% from 47.3%.
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The deal is the expansive broker’s first MGA acquisition in the country.
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The funding from BP Marsh has enabled a management buyout from Castel Underwriting Agencies, with the management owning the remaining 65% of Verve.
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The CEO also said Gallagher Re posted a 12% organic revenue growth in Q1 amid the current hardening of the reinsurance market.
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Shares were trading down 6% following the publication of the broker’s Q1 results.
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The wholesaler’s new chief said owners Cinven and GIC have “long-term ambitions” for Miller now it has “regained its mojo”.
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The brokerage, which is majority owned by PE house EMZ, is being advised by Lincoln International.
-
The carrier has retained advisers to run the sale process of the unit, which is valued at over $330mn, according to Bloomberg News.
-
Sources said the executive had a minority ownership interest believed to be around 20%-30% of the operation.
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The broking CEO set out the London wholesaler’s growth strategy a year on from the AUB takeover announcement.
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The companies expect to complete the transaction in the second half of the year, subject to regulatory approvals and customary closing conditions.
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With the deal, the Canadian conglomerate will boost its ownership interest in the Middle East carrier to 90%.
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The broker said competitive conditions made it an “optimal time” for insurance buyers.
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The acquisition comes less than a week after Ardonagh agreed to acquire Dutch specialist commercial lines broker Klap.
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Sources said BlueChip NY-based managing directors Chris Opisso, Jon Sprintz and Jason Tomitz will join Volante to run the unit.
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Details of the bids are being closely guarded, but sources said they expected a valuation of $400mn or above if a deal is consummated.
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Shares, which have long underperformed, were trading up 13% following the regulatory announcement.
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The acquisition comes after Ardonagh entered the Netherlands market in October 2022 through the purchase of Léons Group.
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Insurance Insider previously reported that Nexus was acquiring a majority stake in the Dubai MGA.
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The family-owned broker is potentially looking for a strategic acquirer, sources said.
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Unilink is the largest broker in the region, with 1,300 staff providing a range of life and non-life products.
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The later notification trend means the impact of bumper M&A year 2021 on the warranty market has yet to fully materialise.
-
The Gallagher-owned MGA is slightly ahead of target as it looks to hit £1bn GWP by 2025.
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The Nordic company plans to hive off its wealth management, savings and personal lines business.
-
The fast-growing group – which did not exist when the UK voted to leave the EU – is now close to $500mn of adjusted Ebitda.
-
The private equity house first made a significant investment in MRHT in early 2021.
-
Sources suggested current minority backer AnaCap would remain an investor if a deal is agreed.
-
The 2020 Lloyd’s start-up is now 100% employee owned.
-
There were 435 insurance M&A deals in 2022, with private equity investors accounting for 60% of all insurance M&A transactions, according to FTI Consulting.
-
The AJ Gallagher-owned MGA is looking to hit £1bn in gross written premiums.
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Summit Partners will likely remain a minority investor in Global Group after the deal completes, sources said.
-
Morgan Stanley has reached out to sponsors in recent weeks after initial attempts to source a US strategic tie-up.
-
WTW only gained majority ownership of the India operation last year, meaning it did not transfer in the wider Gallagher acquisition.
-
Argo’s first bids included an implied firm value of $49.71 per Argo common share and $40 per share in cash, among others.
-
Bay Risk will become part of Gallagher Re’s Global Programmes practice group, led by Andrew Moss.
-
Following the completion of this transaction, Enhanzed Re became a wholly owned subsidiary of the legacy carrier.
-
The transaction has been executed by Howden Germany’s specialty broker Howden Caninenberg.
-
The MGA’s international platform hopes to bring in MGA underwriters looking for US expansion.
-
Alpert joined BAML in 2018 from UBS as managing director to lead the bank’s EMEA insurance-focused team while Kleinsteuber has led the US insurance unit since 2020.
-
The Insurance Growth Report said 242 M&A deals took place in H1 of 2022, with a significant drop-off in the second half of the year.
-
John Thompson, Graham Kilby, Richard Peers and Russ Nichols will take the top jobs.
-
R&Q is selling its 40% minority stake in Tradesman, which it acquired in 2019 following the acquisition of Sandell Re.
-
RACQ will cede net reserves of approximately A$360mn (~$247mn), and Enstar will provide around A$200mn (~$130mn) of cover in excess of the ceded reserves.
-
Brookfield will continue to operate under its own brand, and CEO Leonard Münz will still lead the business, as part of the transaction.
-
The ratings agency has placed under review with developing implications CCR Re’s A financial strength ratings, as well as its credit ratings.
-
NIIC has a small amount of legacy business in run-off, which includes property and casualty, marine, and professional liability insurance business.
-
The deal regards international and North America financial lines, European and North American reinsurance portfolios, and several US discontinued programs.
-
The ratings agency has placed under review with developing implications Argo’s A- financial strength ratings, as well as its credit ratings.
-
The reinsurer said in its Q4 earnings call that Argo’s takeover further diversifies its operations and adds a foundational piece to its expanding P&C activity in the US.
-
Howden Tiger Capital Markets again has a mandate to find a buyer for Bermuda-based JRG Reinsurance Company.
-
The international reinsurance unit booked almost EUR1bn in revenue in 2022.
-
The consideration represents a 48.7% premium to Argo’s share price before the sale of its Lloyd’s business.
-
The in-coming CEO must ensure a smooth transition, land the “London-out strategy” started by Brooks, and handle CPPIB’s exit.
-
The New York-listed carrier has completed its $125mn deal.
-
It is understood that the circa £30mn-premium Roberts Armytage & Partners has a staff base of around 20.
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The executive – who is working with former colleague Mayur Patel – has retained JP Morgan to advise on the raise.
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This is not the first time BE Group has shown interest in acquiring the Belgian carrier.
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The business has approached US strategic bidders including large MGAs and brokers about a deal.
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Affinity will maintain its current brand and management team.
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The Boston-headquartered mutual is understood to have recently pitched potential acquirers of the LatAm assets.
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The broker’s staff and infrastructure will transfer into BMS’ existing Australian business
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At least $7.8bn in reserves was transferred from the live market to legacy carriers last year, with Enstar the leading acquirer.
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Enstar is conducting due diligence around taking on the rest of the Argo back book.
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The deal propels Howden to become the fourth-largest global reinsurance broker.
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The business has also agreed to buy Glasgow-based trade credit broker Linda Scott.
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Ambridge was founded 22 years ago by Jess Pryor, executive chairman, and Jeff Cowhey, CEO, who will continue to lead the company after the deal has completed.
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The pair have acquired an MSA subsidiary that holds product liability claims for exposure to harmful substances.
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Claims were widespread in the class of business during 2022, with almost all areas warranted claimed against.
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While BMS has achieved a solid price and a favourable investor structure, there are signs of a cooler M&A market ahead.
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Howden has acquired a 100% stake in Spanish broker March Risk Solutions, in a deal that pushes the revenues of Howden Iberia to more than EUR100mn ($106mn).
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The French firm will acquire up to 34% of the broker’s share capital.
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Plus this week’s executive moves and all the latest exclusives of the week.
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The French firm saw off competition from Nordic Capital and Permira.
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Major M&A this year has settled the future of a number of players – while the hard market presents an opportunity for challengers.
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The Cayman Islands-headquartered reinsurer held a 49% stake in the Mexican firm, according to its 2021 annual report.
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Permira, Nordic Capital and Eurazeo are in the frame to back the broker.
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The carrier has called this month’s vote ‘a critical moment in Argo’s history’.
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The family-run business deals in industrial risks and professional sports coverage.
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Betaville reported that Ageas is working with bankers at NM Rothschild on a “defence” mandate ahead of potential takeover interest.
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Talks are focused on sourcing new investment to come in alongside that from current backers Preservation Capital Partners and British Columbia Investment.
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The business is predicted to write $1.4bn this year.
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The broker specialises in a broad range of marine coverage in the Pacific region.
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News that the private equity house was preparing to bring the broker to market was revealed by Insurance Insider in June.
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The carrier is reportedly looking to sell its operations in Spain, Portugal and Ireland.
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The Envest transaction includes the acquisition of Aviso Group, a network of broking offices across five states and 10 MGAs.
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Prior to approval, the commercial carrier owned 47.3% of the Chinese insurance group.
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The transaction would have involved a partnership with Mosaic and a managing agent sale.
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Following the deal, Insight Re founder and CEO Guillermo Eslava will become Ocean Re CEO in Q2 2023, succeeding Carlos Chamorro.
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Even without the uncertainty of an imminent takeover, the path ahead will not be easy for Ascot.
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Plus the latest executive moves and all the top stories of the week.
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Intact financed the acquisition of the US builders risk portfolio through a $188mn term loan that was repaid before quarter-end, according to its Q3 statements.
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The transaction marks another step in the broker’s acquisition spree this year, including the $1.85bn GRP deal – closed on July 1 – and the $487mn takeover of MGA Orchid.
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The two sides have been in bilateral discussions since June, with a view to CPPIB achieving liquidity on its investment.
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The company, valued at $23bn in May, intends to use the facility to fund future acquisitions and related fees and expenses.
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The Canadian holding company increased its ownership in the Bermudian carrier to 82.9% from 70.9%.
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New owner AUB expects the acquisition to deliver A$25mn in synergies.
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Spectrum Risk Management will rebrand as Nexus as part of the transaction.
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The process has been narrowed, with parties including Catalina and Premia not going forward.
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The Chinese conglomerate was downgraded by Moody’s this week and faces liquidity pressure.
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The investors have also purchased MGA service company Precision Partnership, and the firms’ leaderships will be combined.
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The legacy specialist has made its second foray into medical professional liability.
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Often regarded as the destination for tech start-ups, IPOs no longer have the same attraction for UK InsurTechs, due to market volatility and the performance of their listed US counterparts.
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The completion of the deal comes after last week the companies received all regulatory approvals.
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Bobman said the board of directors “demonstrated poor judgment” by approving the recruitment of Jessica Snyder as president of Argo’s US insurance division.
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Axa plans to acquire the Spanish insurer for a cash consideration of EUR31mn.
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Names voted overwhelmingly in favour of the combination.
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After a widespread drop in InsurTech funding, all signs point to a period of M&A among InsurTechs either struggling to raise funding or seeking a partnership with an incumbent.
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Innovation Group specialises in business process and claims management solutions and will continue to operate independently.
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A broader approach to deal structure leaves room open for a private firm to reverse into the company to go public.
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The JC Flowers-backed broker has built up an international presence since foundation in 2018.
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The acquisition marks the third in France in recent months after Howden acquired C.R.F. Conseils and Théorème earlier in the year.
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The transaction will bring a $250mn GWP broker with multiple brands and international footprint into the group.
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The Dutch broker will continue to operate independently as part of the Ardonagh Group, led by Sunny and Nico Léons.
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AUB chief Mike Emmett says the deal is “strategically aligned and financial compelling”.
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The digital investments arm of Allianz Group has been a strategic investor in the Berlin-based InsurTech since 2016.
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It is the second acquisition under the leadership of new CEO of France Nicolas Aubert.
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Plus all the top news from the Monte Carlo Rendez-Vous and this week’s exclusive executive moves.
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Westfield will take on 2021 and 2022 as part of the agreement, but it is not yet clear if 2020 will be included in a legacy deal Argo struck this year for 2018 and 2019 in the run-up to sale.
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Goldman Sachs has reapproached potential bidders as the Bermudian moves rapidly following the recent legacy deal and divestiture.
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CCR is being advised by investment banks Credit Suisse and Messier, as it explores options to bring in fresh capital.
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The industry veteran was named EVP and head of international insurance by the US carrier.
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The deal price represents 1.16x tangible book value.
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The deal is Cinven’s third recent P&C insurance investment.
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Bowood managing director Stephen Greener will chair the entity, which is to place $6bn in GWP.
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The move follows the launch of the group’s consolidated retail and London market segments.
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A signed deal would end a roughly three-year hiatus for significant strategic balance sheet M&A at Lloyd’s.
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A sale of the managing agency and Syndicate 1200 would represent tangible progress in Argo’s strategic process.
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The transaction will mark Sompo International’s full withdrawal from the Lloyd’s market.
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The transaction will eliminate Enstar’s direct exposure to cat business and boost its book value.
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Private equity interest remains buoyant while InsurTech enthusiasm dims.
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Montague Risk Partners – launched in December of last year – provides private investment into insurance MGAs and other insurance-related businesses.
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The deal comes a year and a half after the Canadian conglomerate sold the European unit of RiverStone to private equity firm CVC for $750mn.
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The acquisition will enable the Japanese carrier to expand further into the US and across a host of insurance lines, including property and marine.
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AnotherDay advises on complex threats and crisis management.
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The insurer is moving forward with talks to acquire the US hybrid fronting carrier, according to a Japanese newspaper.
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The short duration of the bonus period suggests retention pressure at the London wholesaler.
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IGI expects EIO will be renamed International General Insurance Company on completion.
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The deferred structure – and the uncertainty around the size of the pay-outs – will create risk around talent flight for the London wholesaler.
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The deal marks Howden’s first acquisition in country since appointing Nicolas Aubert as CEO in February.
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The UK and Ireland saw the most deals, with a total of 62 transactions being completed in the second quarter of 2022.
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The transaction between the two parties closed last week following a lengthy saga.
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The Goldman Sachs-run process drew limited interest and does not offer a path to takeout at a premium valuation.
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Three weeks past what was billed as the final bid deadline, the PE house and owner CPPIB are still engaged in work to get a transaction to the finish line.
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Suncorp said it would focus on its insurance business, following the closure of the deal.
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The Copenhagen-based coverholder writes a variety of niche insurance lines including M&A and renewable energy.
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The former Chubb exec will remain on the board as an independent director, along with president and CEO Jacques Bonneau.
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The French mutual’s CEO Thierry Derez and chief of staff Sylvestre Frezal said the deal is a strategic move to adapt to new forms of risk.
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The move to sell comes amid heightened interest in European broking assets.
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Lead specialises in hull, war risks and protection and indemnity insurance.
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It is understood that the carrier, which is currently going through a sale process, is being advised by TigerRisk.
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The board retained Goldman Sachs to advise in April, and the investment bank has been running a sales process.
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Clear Group management Mike Edgeley and Howard Lickens will remain with the company.
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Innovu’s leadership will report to Gallagher’s Michael Rea.
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Private equity interest in the sector will continue to drive deals, the company said.
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Sources have pointed to a deal multiple in excess of £360mn for the UK retailer.
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The existing Russell Scanlan management team will continue to run the business.
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Elliott Management, the other key suitor for the business, is understood to have dropped out of the auction.
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The construction book will be absorbed into Intact Specialty, with the carrier providing the paper for the newly purchased book.
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The acquisition is the seventh for BMS in the past two years.
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Market dislocation and macroeconomic disruption were listed as the second and third most prominent risks, with the economic environment as a key concern.
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The price is a 14% premium on yesterday’s close but substantially below the price that Brickell offered to take the firm private.
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The settlement is a “contribution towards costs” from R&Q to Brickell but not an “admission of liability by either party”.
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If you believe that the Lloyd's market has turned around its fortunes, it’s a buyers’ market on Lime Street.
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There is much to like in the transaction, but a strategy based on serial mega deals elevates the group’s risk profile.
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The executive had been CEO of Tiger’s London office since 2019.
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After securing a $1.6bn deal to acquire TigerRisk, Howden said the transaction will create a “much-needed fourth global player” in reinsurance.
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The firm, which has backing from CDPQ, General Atlantic and Hg, has spent $4.8bn across four deals in under two years.
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This publication first revealed that the two parties were working on the deal last month.
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Together, the businesses place more than $80mn in gross premium per year.
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The private equity firm took the intermediary private in a deal struck in 2018.
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The insurer will take a EUR400mn hit by selling the stake in its Russian outfit.
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Sources indicated talks have been conducted using an adjusted Ebitda figure for TigerRisk of around $85mn-$90mn, which is far higher than previously thought.
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The review follows the move by Brickell to terminate its acquisition plans, as AM Best noted an expected 2021 loss for R&Q of $135mn-$145mn.
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The merger of the two clubs, announced in March, will form one of the largest mutuals in the sector.
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Plus latest people moves and all the top news of the week.
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The company must launch a $100mn placement against the backdrop of a failed takeover deal and a 40% share price collapse.
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The broker noted that its leadership team in India remains unchanged following the increase in its shareholding from 49%.
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It is understood that the highest bidder was a consortium formed by Fortitude and Global Atlantic.
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A number of carriers are looking to offload their volatile reinsurance units. Could an ambitious investor knit them together?
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Randall & Quilter (R&Q) has received a letter from Brickell PC Insurance Holdings advising it that it is “in breach of certain obligations” under the terms of its takeover agreement.
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The second-round bid deadline is understood to be at the end of June, with another round of management meetings next week.
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The adjourned meeting will take place on May 23, where shareholders will vote on a deal which would see Brickell pay £482mn to acquire R&Q.
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It is understood that Gallagher dropped out of the race weeks ago as the company lost interest in the Peruvian retail broker.
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The carrier said the acquisition would support its ambition to become the market leader in the high net worth personal lines market.
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The potential deal has major advantages for both Howden and its target – and would remove a major consolidation opportunity from the market.
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A takeover would boost Howden’s burgeoning reinsurance portfolio.
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The business specialises in transport, port and logistics risks.
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Axis Capital had emphasized insurance growth and reinsurance remediation in recent earnings calls, but the top line remains below $10bn.
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The sale process is in the early stages of marketing, and bids are expected later in May.
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Plus the latest company results, people moves and all the top news of the week.
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The Bermudian has painted its reinsurance unit in an unfavourable light – and that will be hard to counter.
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Many hybrids, unless they are willing to take a meaningful financial hit to secure a divestiture, will have to stick with their reinsurance businesses through the current cycle.
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The deal provides Tysers with much needed stability and a firmer footing from which to tackle its challenges.
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The standalone international reinsurer wrote EUR842mn in premium and booked a 96.6% combined ratio in 2021.
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The Australian buyer’s deal disclosures reveal details around regulatory probes into the London market wholesaler.
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An additional deferred consideration of up to A$176mn may be payable two years after the completion, subject to Tysers reaching agreed revenue targets.
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The move comes as the expected deal with AUB failed to materialise, and after Ardonagh stepped up its engagement.
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The news comes less than two weeks after the broker became part of Howden Group in a £1.1bn deal.
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Cyber and M&A insurance are the emerging trends in the region fueled by increased jackpotting attacks and deal activity.
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Plus this week’s Q1 results and all the top news of the week.
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The Bermudian is trying to cement its pivot into specialty insurance – but selling the reinsurance unit may prove tricky.
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The broker completed five tuck-in brokerage mergers in Q1, the same number as the previous year, but totaling $32.2mn, down from $89.7mn in Q1 2021.
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The carrier also revealed $30mn in Russia-Ukraine Q1 losses.
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Ron Bobman first called for the sale of the firm back in September 2021, and recently launched a proxy campaign to join its board.
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Argo’s board is considering a potential sale as it announced an “exploration of strategic alternatives”, which will also consider a merger or other strategic transaction.
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he company has also set the closing date for the transaction to go through as 1 April 2023.
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Jefferies has been awarded the mandate to seek a buyer for the segment.
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Acrisure entered into a definitive agreement with Markel in March to acquire the MGA.
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The group acquired 13.97 million shares of Sura stock at almost $9.88 per share via the public acquisition offer, valuing the interest at almost $140mn.
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The ECI-backed business will likely be marketed on a ~£15mn Ebitda figure.
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In an interview with this publication, the executive said the broker will consider M&A in its bid to expand.
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DM Insurance Broker specialises in bond insurance and surety bonds across a variety of industries.
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The deal marks Xenia’s ninth acquisition in three years and kicks off its international expansion plans.
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The deal will see the bank pay Covea around EUR310mn for its majority stake in their life insurer joint venture.
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Cabot Square Capital previously owned a stake in the business.
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A proxy statement yesterday also revealed that Berkshire Hathaway’s merger agreement does not demand a break fee.
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The deal comes after NFP bought KGJ in the UK and Thompson Flanagan in the US last year.
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A $90mn capital charge relating to the former Ace run-off asbestos book is a bear signal for the wider legacy market.
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The Killarney-based broker places more than EUR60mn in premium annually.
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The company will now have 15 months from admission to the LSE to complete a merger.
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The London market wholesaler stands to gain a variety of benefits from a possible Australian owner.
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Odyssey began preparing Tysers for sale in May 2021 and launched a formal auction for it in June 2021.
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The independent broker has an end to its long search for a new owner in sight.
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The deal will also provide $100mn in new equity funding to the legacy carrier.
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Neosurance will use the investment to advance product development and accelerate international growth plans.
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The majority of BLM’s lawyers will join Clyde & Co’s casualty insurance practice as part of the deal.
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If you only read a handful of articles this week, make it the selection below.
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The payment comes on top of an original consideration of $9bn.
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The firm ranks among the three largest retailers in Peru, and talks come amidst a pick-up in M&A in Latin America.
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The two former Agora department heads have left IQUW after less than six months at the syndicate.
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Investment firm BP Marsh has acquired a 40% holding in start-up Lloyd’s broker Denison and Partners and provided a loan facility, stumping up aggregate funding of £802,000 ($1.05mn) for the company.
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Unlike deals like Axa-XL or Catlin-XL before it, this transaction is expected to be much more neutral in its impact on reinsurers.
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The multiple of 1.26x is lower than a number of recent major reinsurance transactions.
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The purchaser is known for having a very low cession ratio, although it said it would leave Alleghany to operate independently.
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The MGA was launched in 2017 and wrote $350mn of premium in 2021, the same year it announced the approval for a Lloyd’s syndicate.
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The transaction will create a reinsurance entity roughly on a par with Scor in terms of net reinsurance premium.
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Berkshire Hathaway has agreed to buy the TransRe owner in an all-cash deal worth $11.6bn.
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The company’s stock is trading just below Berkshire’s offer of $848.02 per share.
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A potential merger of the two firms was originally reported on in late 2019.
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The deal values the TransRe owner at 1.26 times book value as of 31 December 2021, and represents a 29% premium on its stock price.
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The deal, due to complete next February, will create one of the largest mutual marine insurers in the world.
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It is understood that discussions to transfer the ownership of the business to sister company HDI Global Specialty have been called off.
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As part of the deal, all staff working for the managing agent will join Mosaic, while SiriusPoint will become a strategic investor in the carrier.
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As part of the changes, Chris Evans has been promoted to deputy CEO, a new position.
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The US intermediary said it would pay roughly $2.5bn for the trio of acquisitions.
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GRP global CEO Mike Bruce will continue to lead the firm and will report to Brown & Brown president of retail segment Barrett Brown.
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The group’s MGA platform Millennial Specialty has also entered a programme administrator agreement with a QBE affiliate.
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The deal marks the latest step in Gilinski’s hostile takeover of one of the largest carriers in Latin America.
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The US retailer looks set to secure the UK consolidator after fending off private equity house TA Associates.
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The UK insurance Number 1 could take over Covea’s ~£725mn GI operation.
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The deal follows Acrisure’s recent purchase of Brazil's It’sSeg and adds another European market to its operations.
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The HGGC-backed consolidator has made its first company acquisition of 2022.
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Succession Wealth has completed 60 acquisitions of its own to date and manages £9.5bn of assets.
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Assiteca is the second Italy-based broker purchased by Howden since the turn of the year following the acquisition of specialist insurance broker and risk consultancy Tower.
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The deal forms the latest step in the family-owned brokers build-out in Latin America that elsewhere has been driven by hiring.
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The transaction will see Catlin redomiciled in Oklahoma, moving it from Delaware, to make use of the Oklahoma Insurance Business Transfer Act.
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The deal allows MS Amlin to carve out the P&C portfolio for 2019 and prior years in an industry first.
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The forthcoming sale of GRP highlights key questions about this stage of the UK broking consolidation play.
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A conclusion to the Evercore-run restricted sale process is expected this quarter.
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Searchlight-backed broker-consolidator Global Risk Partners (GRP) is acquiring a majority stake in digital intermediary Hamilton Fraser, as the business races ahead with plans to build up “a digital powerhouse”.
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The latest attempt to sell Tysers comes with an injection of competitive tension and an improved set of numbers for the 200-year-old broker.
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The business made a steep underwriting loss in 2020.
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HDI Global Specialty, Verto Syndicate 2689 and IQUW Syndicate 1856 are among the new trade capital partners.
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Due diligence is being conducted ahead of a likely sale that would burnish Hannover Re’s credentials as a pure-play reinsurer.
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PE owner Odyssey ran a full auction last year but was unable to find a buyer for the business.
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The US practice will be led by Themis partner Naomi Collins, who has previously worked for CFC Underwriting and Allied World.
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Around 100 Ageas UK staff will transfer to Axa Commercial.
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The Singapore business is a composite insurer offering life, health and P&C.
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The acquisition of an admitted company goes along with the surplus lines company Vantage purchased to jumpstart its US insurance business in July.
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All of BdB’s subsidiaries and leadership team will join Brown & Brown’s roster following the acquisition.
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The insurer expects to close the transaction during 2022 upon Chinese regulatory approvals.
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Mosaic said the partnership marked an expansion of its syndicated programme launched last December.
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The acquisition comes after the group bought WDB in 2020.
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The UK segment reported an operating loss of £37mn in 2020 and could present a consolidation opportunity for major GI players.
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The businesses will be rebranded from 31 January, which Gallagher said “completes” the integration of the firms.
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TigerRisk Capital Markets has been retained to advise, and the business is being marketed to run-off carriers.
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The expansive business is targeting a mid-teens multiple on a marketing Ebitda of around £80mn.
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Industry veteran Rick Girden runs the construction portfolio, which is projected to grow to $200mn this year.
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Client director Martyn Locke will transfer to Xenia as part of the deal.
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Oliver Bogue, the company's nominee director on the board of Summa, will resign from this role on completion of the disposal.
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In addition, Fortitude Re’s subsidiary Fortitude Reinsurance Company has obtained approval to operate as a reciprocal jurisdiction reinsurer in the US.
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With most M&A activity from 2020 pushed into 2021, capacity for M&A insurance began to dry up in around October, resulting in hard market conditions.
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This year deals will continue to increase but ESG, inflation and supply chain issues bring complexity.
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Brockwell currently writes approximately $40mn in gross written premium, which will provide a significant uplift to Optio’s existing $25mn warranty and indemnity premium base.
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With this deal, Corvus said it becomes the first cyber InsurTech to acquire a London underwriting platform.
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CEO David Austin will return the business to its former name, Visionary Underwriting Agency.
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The transaction marks the legacy carrier’s first acquisition in Continental Europe.
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The broker generates around EUR75mn in revenues and has a presence throughout the Portuguese-speaking world and Europe.
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The broker has acquired the share previously owned by the Rampart Trust.
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Ratings were reaffirmed for the Bermuda-based target company PartnerRe.
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BP Marsh has had a return on equity eight times higher than when it first invested in Walsingham Motor Insurance Limited.
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New capital made its presence felt in the market in a year that saw both the completion and collapse of major business combinations.
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The transaction is expected to close during H1 2022 and reflects Argo’s strategic refocus on US specialty.
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The reincarnated $9bn deal is moving a step closer to completion.
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AlphaChat’s technology will be deployed across all of Zurich’s business channels.
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The company will use the proceeds to repurchase up to $1bn of subordinated voting shares.
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The number of notifications made in the first 18 months of a policy has slipped to 62% in 2021, a big step down from the 90% made in 2020.
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The Dutch-based intermediary specialises in health, income protection and pension advice as well as P&C.
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Private equity and trade sales look challenging, which could point to an IPO if CPPIB heads for the door.
-
The target firm deals in engineering, energy, P&C and specie.
-
The investor agreed to buy Ascot in 2016 and Wilton in 2014.
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The Finnish financial services firm will take full control of the UK car insurer.
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The business was founded in 2011 and will join Marsh’s affinity and special risks practice.
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Greg Rector, managing director of Aerosure, will become MD of Willis’ Australasia aviation division.
-
Howden’s latest acquisition is its eighth since mid-August.
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The number #3 reinsurance broker still needs to land the integration and fend off poaching from rivals, but it has held the line well and turbulence will lessen.
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In an interview, the new Gallagher Re CEO noted that his former company had been weighed down by nearly two years of uncertainty, telling this publication: “That stops today.”
-
The group CEO also observed that the Big Three reinsurance brokers do have a competitive moat based on their scale.
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The deal was struck in the wake of the collapse of Aon and Willis Towers Watson’s merger.
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The executive was speaking at an investor day following the deal to sell PartnerRe to Covea.
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As a result of the deal, EY, through its wholly owned subsidiary Shackleton, becomes a minority shareholder in IncubEx.
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BMS has also walked away from a deal after a brief rekindling of negotiations.
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The business has appointed two to its London team and 16 to its New York unit.
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The watchdog had been due to announce a decision on a further inquiry by 29 November.
-
The proceeds of the transaction will be used to fund a $1bn share repurchasing programme.
-
The announcement follows the initial news in August that Willis had entered a non-binding agreement to buy the broker.
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RSA’s London Market and European specialty lines teams are to set to join forces with Intact’s global specialty team, following Intact’s acquisition of RSA’s UK & International business (UK&I) in June.
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Lloyd’s broker Parker Norfolk, launched with backing from Maven Capital Partners in 2018, is to sell off its remaining business portfolios and close its doors, this publication can reveal.
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The transaction marks Xenia’s sixth acquisition to date.
-
Citynet Insurance Brokers and Cobra London Markets, both owned by PIB Group, have merged into one company and rebranded into Citynet.
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The expansive intermediary has also launched New Zealand operations.
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The surprise union could ramp up PartnerRe’s growth, but signals the winding down of this phase of reinsurance M&A.
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The deal is the latest in a string of acquisitions for Marco Capital this year.
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The broker said the deal makes its Specialty and Capital platform the largest independent specialty broker in London.
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After the deal, Cognitive Risk will operate as a rebranded practice, Altus Specialty Markets.
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The ratings agency said that the deal would increase diversification but heighten catastrophe exposure.
-
Plus the latest impact of cat activity on reinsurer results and all the top news from the week.
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However, the deal is low-to-mid ranking in terms of book multiple.
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If the deal does complete this time, the partnership will face a range of pitfalls and challenges.
-
The Lloyd’s carrier announced last week that it was near to closing a deal to acquire the business.
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The transaction was cleared in five out of six jurisdictions – including by US antitrust authorities – and is only pending UK regulatory approval.
-
The deal appears to be a carbon copy of the original March 2020 agreement, which collapsed after Covea attempted to renegotiate at the height of the pandemic.
-
The purchase will pull in specialist expertise in several fields including marine.
-
Generali has proposed to acquire the shares of Cattolica it does not already own.
-
Sources said that the US commercial lines player had not received bids that met its expectations.
-
Engaging with the French mutual as an M&A counterparty represents a high-risk strategy for Exor.
-
The two parties had previously negotiated a $9bn deal for the reinsurer last year, which was later scrapped.
-
Plus the latest in aviation broking account wins and all the top news from this week.
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The intermediary’s latest acquisition targets US Fortune 1,000 clients.
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As part of the deal, Seoul-based VIB will become a newly licensed entity called BMS Korea.
-
The two businesses are in the late stages of agreeing a deal, which could be announced in the coming days.
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It’sSeg is Brazil’s largest independent benefit management firm with over 1,000 corporate clients.
-
The deal comes after the group struck deals in Germany, Poland and the Netherlands.
-
The transaction is to increase the run-off specialist’s balance sheet significantly.
-
Investee firm CBC has also secured £3mn financing from Coutts.
-
Howden inked its biggest deal to date with its agreement to acquire Aston Lark for around £1.1bn.
-
The acquirer paid a cycle high 17x-18x Ebitda that has raised eyebrows at competitors and in banking circles.
-
The deal marks the first legacy risk transaction for the start-up.
-
Sources said the deal consideration was £1.1bn, confirming earlier reports by this publication.
-
Aneco operates in the P&C and employee benefits markets and manages $35mn in premiums.
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Should Howden be successful in sealing the deal, it will be its third piece of major M&A in just over 12 months for a combined sum of approximately £2.5bn.
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The London-headquartered independent looks set to beat off acquisition from Brown & Brown and others.
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After the acquisition, the Beech team will continue to be led by Geoff Stilwell, Andrew Woodhams and Matt Gates.
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The acquisition will give Howden a more “prominent presence” across the country and comes amid rapid European expansion at the broker.
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The UK consolidator had been expected to be auctioned, but that process now looks set to be pre-empted.
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The transaction will near-double the size of Chubb’s A&H book and increase its Asia premium from $4bn to $7bn.
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The competition regulator’s investigation looks to be a procedural matter that will allow the Willis Re saga to conclude.
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The Competition and Markets Authority will investigate whether the deal lessens competition in the UK.
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The deal comes after Howden agreed to buy Italian business Scagliarini in July and Spanish firm Artai in April.
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AJ Gallagher said it bought Grand Cayman-based Briat Insurance for an undisclosed sum.
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The takeover will strengthen Lockton’s presence in Norway.
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The divestiture comes amid Argo’s drawback from international business.
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The expansive broker has agreed to acquire Birmingham-based brokerage Johnson & Co.
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The combined business will move to new Belfast offices in November.
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Founder Charles Manchester will remain with the business.
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The broker will use the new base to access Latvia and Lithuania.
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The inability to strike a deal sends both buyer and seller back to square one.
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The Bermudian carrier acquired the Middle Eastern agency in 2019 as part of its purchase of Ironshore.
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More than half of deals completed this year exceeded $1bn in value.
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The broking giant has spent the past eight weeks executing on the strategy it developed for the combined firm.
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The French mutual’s attempt to enter reinsurance via an acquisition has been thwarted again, according to French publication L’Argus de l’assurance.
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The transaction marks the 11th international acquisition by Kaufman in the past nine years.
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The deal is expected to be concluded within the first quarter of 2022.
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Concerns that the pandemic would lead to heightened levels of buyer’s remorse have not materialised, according to a Liberty GTS survey.
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This publication revealed in April that Evercore had been retained to run a process for the cyber-focused MGA.
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MGA revenue growth is outpacing the insurance broking space thanks to emerging lines of business.
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Ark raised $70mn in a debt offering last week, after raising €39.1mn and $47mn in July and August, respectively.
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Still more competitors are set to enter the fray, although some suggested that not all will endure.
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The acquisition is still subject to regulatory approval but expected to be completed in the fourth quarter.
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A (Re)Connect panel of 2020 start-up leaders said the Covid lockdowns made for challenges in the build-out.
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Asta’s Julian Tighe and Simon Norton will remain in post after the transaction.
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Initial £800mn price tag seems well out of reach as suitors struggle with heavy pro forma adjustments to earnings.
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The CEO said large US retailers and wholesalers may look to enter reinsurance.
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The carrier has finished the sale of its 50% shareholding in Axa Gulf and 34% shareholding in Axa Cooperative Insurance Company.
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The business is being marketed by investment bank Morgan Stanley following last year's sale of Ariel Re.
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Aon, Guy Carpenter and Lockton chiefs discussed competition between the Big Three brokers and start-ups, climate change and the war on talent.
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The reinsurer was launched as a joint venture with Enstar, Allianz and Hillhouse in 2018.
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S&P noted that the deal volume was the highest on record for a decade, and came despite uncertainty over pandemic claims.
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Davies Group is among a number of potential buyers after talks with Artificial Labs fell through.
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The brokers have signed a heads of terms and will move towards a full acquisition.
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The acquisition is the fourth since Coverys’ European network was founded in January 2020.
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Nick Packer, one of the co-founders of Enstar, has also joined the board as a non-executive director.
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The managing general agency is looking for new lines of business, having seen its cyber team and capacity provider depart ahead of renewals earlier this year.
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Willis’s sale of its reinsurance arm was the best option it had left – but the loss will have implications for the wider business.
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The company said the divestment was part of its simplification strategy.
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The executive also praised Willis Re's management team for pushing for the best outcome for clients.
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The broker has explained the rationale for its $3.25bn acquisition of Willis Re on an investor call.
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As earnings season draws to a close, insurers continue to post strong profits following sustained market correction.
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After the collapse of the Aon-Willis merger, Gallagher has successfully resurrected the deal that will catapult its reinsurance operation into the big league.
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In an interview alongside Align’s founder Kieran Sweeney, the legendary London market entrepreneur also disclosed his company paid $800mn for the US MGA.
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Align’s founder Kieran Sweeney will run the merged business in the US, become executive chairman of Dual Group globally, and is joining Howden’s executive committee.
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AJ Gallagher is on the cusp of a deal to acquire Willis Re, and the transaction is likely to be announced imminently, this publication can reveal.
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Plus this week’s earnings and all the top news from the week.
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Moody’s expects RMS, which had about $320mn in revenue around $55mn in operating income last year, to become accretive to earnings by 2025.
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With a last-minute acquisition by AJ Gallagher on the cards, Willis Re can put the last 16 months of turbulence behind it and come back super-charged.
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The investment bank said a transaction would stabilise employee retention at Willis Re and allow Willis to pursue buybacks.
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Sources have said a deal could be signed as soon as the middle of the week, with a valuation higher than the last agreement.
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Executives addressed analysts following strong Q2 results and the earlier collapse of the Willis integration.
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The firm should trade off maximum possible value for near-term certainty in crystallising shareholder value.
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Willis Towers Watson will not pay staff bonuses that were contingent on the completion of the Aon merger.
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“There are a lot of great people at Willis, and they would have been a great addition to our team,” the CEO said.
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The acquisition is the first executed by Howden Europe.
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The Hong Kong reinsurer said the move was a ‘natural next step’ in line with the company’s diversification strategy.
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A White House press spokesperson said the deal would have led to higher costs for businesses and consumers.
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CEO Case reiterated the message that the merger was pulled because of poor timing and "misunderstanding" from the DoJ.
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Wells Fargo insurance analyst Elyse Greenspan said Willis Towers Watson stock “seems very inexpensive” in a note to investors on Monday.
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The Illinois-based broker said it would also redeem $650mn in 10-year notes that it issued in May.
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Greg Case said the regulator had a "fundamental misunderstanding" of the industry, and that timing prevented the brokers from going to trial.
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The companies disclosed that Aon will pay Willis the $1bn break fee.
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Any transaction would be predicated on a major reorganisation of the acquisition target, slowing deal progress.
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The deal follows Bolttech’s $180mn Series A funding round this month.
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CEO Alan Schnitzer said the transaction gave the business “a window into a successful management team” and addressed its underweight position in E&S.
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Most of the deals are concentrated in the insurance brokerage sector with 375 transactions.
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The purchase of a U.S.-based carrier enables Greg Hendrick-led Vantage Group to write coverage under its own subsidiary after partnership.
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The merged AmGeneral and Liberty Insurance Berhad operations will create the largest auto insurer and second-largest P&C insurer in Malaysia.
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Chandler says he is keen to build a company culture akin to that of Benfield, which sold to Aon for $1.75bn in 2008, at BMS Re.
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The broker consolidator’s organic growth for 2020 was 4.4%, while revenue was up 28%.
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The merged entity must divest its corporate and commercial short-term insurance broking in the country, as well as offload several global businesses.
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The InsurTech aims to create a managing agent offering start-ups a full suite of digital tools as well as regulatory support.
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The deal fits with a broader strategy of simplification that has already seen several disposals.
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Over the past decade, the high degree of fragmentation within the UK retail broking market has attracted private equity investors intent on consolidating intermediaries to create additional value.
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The deal is the first publicly disclosed transfer to a run-off partner in the French market.
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The potential transaction is expected to complete in the third quarter.
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The brokers have offered to divest Willis’ largest corporate risk and broking clients to Gallagher’s Crombie Lockwood.
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The competition watchdog has approved the acquisition of Willis Towers Watson by Aon if the latter complies with a ‘substantial set of commitments’, including the divestment of central parts of Willis’s business to Gallagher.
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The deal marks JenCap’s second takeover this year and the 13th since it was founded in 2016.
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The keenly anticipated antitrust showdown has now been scheduled for November 18.
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The newly rebranded business will "remain independent" but is considering bringing in a new investor.
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The Goldman-Sachs backed broking group brings an MGA service provider on board.
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The Commerce Commission has extended its review of the merger by another six weeks.
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The legacy unit is marketing legacy books in Germany and the UK as it unwinds its third-party book.
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The unit is the fourth MGA sold from the underwriting platform.
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The carrier previously held a 30% stake in Mumbai-based Edelweiss Gallagher Insurance Brokers, but is now acquiring all remaining shares.
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Aon’s legal team said it was concerned that the proposed timetable could kill off the deal before the trial begins.
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The deal was approved by regulators on the proviso of the disposal, as well as other divestitures already agreed.
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Although superficially a good match, Axa would run significant risks in pursuing a sale of its reinsurance arm to the French mutual.
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If Covea agrees a sale price in this range for the operations, parent Axa could book a EUR1bn gain, Berenberg claimed.
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“We are not about to let [the] delay…compromise the deal”, says Latham & Watkins lawyer Dan Wall.
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Sources said Cinven-Tysers talks are focused on valuing the contingency business and issues around cultural fit.
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The reinsurer is looking to anchor its UK motor co-insurance and reinsurance capacity with a fully integrated platform for distribution and claims handling.
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The total consideration for the combined transactions, including MPI Generali, is RM1.3bn ($311mn), subject to closing adjustments.
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The move will repay an internal loan due as part of the Intact/Tryg takeover.
-
We examine what could happen to the reinsurance broking unit should the Aon-Willis merger fall through.
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Aon and Willis were taken by surprise by the lawsuit, a CTFN report claims.
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The CEO said that his company was ‘wide open’ to absorbing additional assets to satisfy regulators’ concerns.
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Shares in AJ Gallagher and Willis Towers Watson held broadly stable after the announcement from the US Department of Justice.
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The investment bank’s analysts suggested that staff and clients may leave as a result of uncertainty, during a prolonged US lawsuit over the Aon-Willis mega merger.
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The intermediary focuses on underwriting and placing property, casualty and errors and omissions coverage.
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The broking houses also said they "remain fully committed to the benefits of [their] proposed combination".
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The move from the US regulator represents the biggest threat to the mega-merger since it was announced in March last year.
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An executive reshuffle at Hesse & Partner will follow Gallagher’s acquisition of all remaining shares in the Swiss broker.
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The US Department of Justice’s antitrust concerns around the Aon-Willis merger have not been fully addressed by the brokers’ recent spate of divestment plans.
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The news follows the agreement to sell several assets to AJ Gallagher, including Willis Re.
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Intact seals the sale just days after the completion of the larger takeover.
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Chief investment officer Dan Topping describes the targets as a financial lines specialist and a “tech-enabled” business.
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After a period of sluggish premium rate growth, the market appears to now be firing on all cylinders.
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The broker has offered to sell its group pharma purchasing and claims audit services in a bid to get the greenlight for its Willis takeover.
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The deal is designed to assuage the Department of Justice’s concerns over the Aon-Willis merger.
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The US government reportedly has around 20 attorneys at work in case it decides to sue to block the deal.
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RSA CFO Charlotte Jones will remain on the board, after originally expecting to stand down.
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The voluntary tender builds on a 2020 deal in which the bidder took a 24% stake in its target.
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The vehicle would need to raise in excess of £200mn if the proposed listing rules go into effect.
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The transaction will create London’s largest independent specialty and wholesale broking business.
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The parties reiterated their expectation of a 1 June close for the deal.
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The Commerce Commission has delayed its decision for the third time.
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The merging brokers have also agreed a two-year non-compete agreement on transferring Willis business.
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The week also saw further reshaping in contingency and marine markets, and Insurance Insider’s InsurTech conference.
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The amount of special purpose acquisition company (SPAC) capital currently available points to a continued elevated period of InsurTechs using SPACs as a means to go public, according to a panel of investors in the sector.
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An exit would carry a multi-hundred-million price tag.
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The acquisitive broker has recently expanded across Continental Europe with a string of deals.
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The combination still needs sign-off from US, EC and other international authorities.
-
The intermediary has made its second Continental European acquisition as it looks to expand.
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The pending disposals come after a major deal to sell a range of P&C assets to Gallagher for $3.6bn.
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The second deal within a week to placate European regulators involves 350 staff and five offices.
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The executive joins after a string of acquisitions since SRG’s investment from HGGC.
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The CEO says the transaction accelerates AJG's strategy in Europe by five years.
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Resolution facilities will allow the businesses to continue to trade in a post-Brexit environment.
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The $3.57bn side deal is contingent on the closing of the bigger merger, which itself needs approval from regulators including the European Commission and Department of Justice.
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The business looks well placed to succeed if it can keep retention in check and reinvest to build broader capabilities.
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The AJG CEO vowed to invest in Willis Re assets while stressing the quality and security of the team.
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The buyer says the deal involves revenue of about $1.3bn and earnings of around $357mn.
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The merger partners are working towards a third-quarter completion after a side-deal they say addresses EC concerns.
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Aon and Willis have been in talks with AJ Gallagher over a sale of assets the broking houses must make to gain approval for their pending merger from antitrust regulators.
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Scor is to invest EUR15mn as a cornerstone investor of the blank cheque vehicle, which will float in Milan.
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The report says a final decision on the structure of the deal has yet to be made.
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The Capitol Forum says EU competition chief Margrethe Vestager is on board with the remedies.
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The group reports an 86% CoR in its last trading update as a listed entity.
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In 2020 the market fell to “near paralysis” in the early stages of the pandemic, before rebounding strongly.
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The deal could be signed later this week or at the weekend, sources said.
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CEO Talbir Bains founded the business in 2017 with backing from the market’s largest ILS manager.
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The acquisition is the third this year for the Lovell Minnick-backed acquirer.
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The regulator had previously set a 27 July deadline after the merger partners offered divestments to secure regulatory approval.
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The intermediary has been expanding its presence in the Australian market considerably since the acquisition of Wesfarmer’s insurance business for $933mn 2014.
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CEO Greg Case says the broking union offers greater opportunities than when the deal was first announced.
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Incoming regulatory changes means there is high growth potential for the nuclear risk market.
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With a sale of the remedy assets to AJG not yet agreed, the firms will have to choose their words carefully this week.
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Chairman Paul Folino said he expected the deal to be completed over the second quarter.
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European regulators are not expected to demand additional concessions of the deal partners.
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The Chubb CEO seeks to quash speculation the carrier may return with a sweetened takeover proposal.
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The intermediary’s 6% organic growth was aided by the economic recovery, price improvements and disruption in the broking market.
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EC documents do not give details of individuals, but said the ringfenced team ranges in seniority.
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The newly formed (re)insurer is to support the start-up led by AmTrust alumni.
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Blank check vehicle Pegasus Europe is targeting financial services businesses with either digital models, or those benefiting from economic tailwinds.
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Connie Tregidga and Marialuisa Petrella are both qualified lawyers.
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The ACCC had initially said it would wrap up its investigation into the competitive implications of the merger by May 27.
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With forward Ebitda numbers of £50mn-£60mn, the MGA could secure a valuation of potentially nearing £1bn.
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Plus in-depth analyses of the accident and health and airlines markets.
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The law firm has already this year seen a lot of PE support for startups and scale-ups both through equity and debt.
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Chubb reiterates its disappointment about The Hartford’s refusal to engage.
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Chubb offered to pay up to $70 per share for the business after its $65 offer was publicly rejected.
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With around 50 members of staff across the business, the divestiture is not expected to significantly alter the competitive landscape.
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The broker continues its European expansion with a EUR350mn-premium business.
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The US regulator has proposed Willis sells its San Francisco and Houston CRB businesses, and its Bermudian insurance broking arm.
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The target operates in lines including real estate, construction, oil and gas, financial lines and property.
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Participants in the IPO will purchase American Depository Receipts, securities linked to a Cayman Islands holding company Waterdrop Inc.
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The number four broker is seeking to acquire both Willis Re and the European insurance broking businesses.
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The AmTrust-owned MGA will be able to offer policy limits of EUR40mn per transaction.
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The development follows an explosion in the use of blank check vehicles in the US.
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The move follows the brokers’ submission of a remedies package last week to allay competition concerns.
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Credit Agricole served as the debt arranger, with Sompo Japan and Aioi Nissay Dowa Insurance acting as insurers.
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Both parties continue to look determined to take the steps needed to get the deal to the line.
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Further details of the proposed remedies to the European Commission are revealed.
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Proposed remedies match prior reporting from this publication over the last month.
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The move follows Willis’ explorations of sales of Willis Re and European units.
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The purchase, originally agreed in December 2019, will allow the hedge fund reinsurer to expand its insurance business in Europe.
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The Competition and Consumer Commission of Singapore launches a public consultation over the proposed merger deal.
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The potential sale of Willis Re to AJG would push Gallagher Re into the big leagues – but make little impact on the wider market.
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Fallout from the 2019 JLT Re integration intensifies after a group including Brad Maltese were earlier reported to be set to join Howden.
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The acquisition is the largest component of a $986mn deal struck in November.
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The executive said consolidation produced “immense powerhouses of data and intellect”, but reduced options for clients.
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The creation of a single Bermuda reinsurance company removes a key structural impediment to a sale.
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S&P’s baseline scenario assumes AIG opts for an IPO of its life business and The Hartford stays independent.
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The acquisitive broker looks to compete with PE houses through its new platform.
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This week, we revealed that Aon/Willis Towers Watson are looking to separately divest a block of Willis' European businesses and Willis Re, as they work to get their mega merger approved by regulators in the face of competition concerns.
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It is understood that the ~$300mn fac business will be packaged along with the treaty unit.
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The largest of the businesses, Gras Savoye, has been seen as one of the jewels in the crown at Willis.
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Canadian carrier Intact is to issue C$250mn ($198.5mn) of subordinated debt in order to fund its takeover, with Danish insurer Tryg, of RSA.
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The one-time suitor releases a statement after a report that Allianz is contemplating an offer of its own.
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The German carrier is reportedly wary of Chubb’s bidding firepower because of the lack of synergies any takeover would yield.
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The potential disposal may help to alleviate competition concerns within the French market.
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The sale concludes Aviva’s plan to divest from non-core geographies and focus on the UK, Ireland and Canada.
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The Aon president said insureds will begin to “test” carriers and brokers on price.
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The Toby Esser-led broker said it would fulfil responsibilities to clients and partners.
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The service firm is jointly owned by a consortium comprising Paraline International, Skuld and investment firm ACHP plc.
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The firm is working with Canaccord Genuity to explore options for the business.
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Chubb made an unsolicited bid for the carrier last week at a 25% premium on its weighted average share price.
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The deal will give the acquirer further access to European business.
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The business is looking to acquire the 71.82% of the business it does not already own.
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In the eventuality of a Chubb-Hartford deal, two Navigators units would face relevancy challenges within the insurance company.
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HGGC-backed SRG says it’s agreed an orderly transition with its rival.
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The proposed consideration represents a mix of stock with the majority in cash.
-
The carrier says its board of directors is "carefully considering" the proposal.
-
The Hartford share price jumps 12% on report of deal talks with Chubb.
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The new funding round values the InsurTech at $1.75bn.
-
William Monat launched the broker’s transactional risk unit in Chicago and previously led two MGAs in the space.
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The transaction will complete in April and the business will be integrated into Credit Risk Solutions.
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The legacy carrier and Stone Point are to invest a combined $45mn in Richard Watson’s start-up.
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According to the Capitol Forum, antitrust regulators will consider the deal's impact on the world’s fourth largest insurance broker AJ Gallagher
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Existing investors HGGC and Aimco will retain minority holdings after a deal which reportedly values the insurance services provider at £1.2bn.
-
The MGA aims to improve its cyber claims and incident response abilities through the deal.
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Reinsurance is one of the areas of the combination that is drawing heightened regulatory scrutiny.
-
HIA International and Luker Rowe are the latest addition to the intermediary.
-
The company has also acknowledged that former Ironshore CEO Kevin Kelley is set to join as non-executive chairman.
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The Japanese insurer said that its remaining exposure to the business is mostly covered by reinsurance.
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New York-based executive risk underwriter Jim Rizzo will lead the new product suite.
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Howden has acquired superyacht broker Sturge Taylor & Associates (STA Group) for an undisclosed sum.
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Legacy acquirer Darag has agreed to buy SunPoint Holdings, the legacy business founded by Fosun in 2017.
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The erstwhile suitor cites falling valuations for residential property technology companies.
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The deal will transfer legacy Pembroke business that still sat with Liberty Mutual Group for the 2018 and prior years of account.
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The deal increases the PE-backed buyer’s GWP to £75mn and its product lines from eight to 12.
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CNP Assurances acquires the UK carrier’s life business in the market.
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EU antitrust regulators will warn Aon that its $30bn bid to acquire Willis Towers Watson may hurt competition in the broking marketplace, according to a Reuters report.
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The new backer gives the PPL rival increased firepower.
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Stevenson’s senior management remain in place following the deal.
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The team of around 30 staff will manage the run-off of Axa XL’s existing book and launch a product with Aviva.
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The unit achieved £10mn in 2020 revenue and has offices in the UK and Germany.
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The former Arch managing agency director will focus on legacy business, M&A and alternative capital.
-
CoreLogic has already approved a merger with Stone Point and Insight but said it would review the competing bid.
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Miller CEO Greg Collins has pledged to expand the business internationally as its takeover by private equity firm Cinven and Singapore sovereign wealth fund GIC completes.
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The new recruit will take on the role of head of Europe for the growing M&A team.
-
The two-layer arrangement includes a 10% retention and involves a premium of just under $1.4bn.
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With small acquisition targets set to thin in the medium term, platform mergers or international expansion are likely.
-
The news follows the sale of Aviva’s French operation as the insurer refocuses on core UK, Ireland and Canadian businesses.
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The recently merged French mutual prevails in an auction that had reportedly drawn interest from Allianz and Apollo-backed Athora.
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The PE house will inject growth equity capital into Premia after the all-paper deal.
-
The SSL founder has repurchased the business through a holding company supported by a host of London broking names.
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The deal comes shortly after the legacy specialist established a $265mn sidecar, Elevation Re.
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The deal will lift GWP handled by the broker-aggregator by more than three quarters to £1.6bn.
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The merger may cause price increases or reduced service levels for major insurance buyers.
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The broking network will be the UK group's Australian centrepiece, says CEO David Ross.
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Both private equity deals were vetted under simplified EU merger procedure.
-
The buyer will use the acquisition to expand Arena beyond Belgium and into other European markets.
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Apollo Syndicate Management will manage the new 1994, which starts out with $125mn of net reserves.
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The takeover last year was a significant piece of InsurTech M&A.
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The HGGC-backed broker’s latest acquisition specialises in trade credit.
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Sources have emphasised that such pauses are a routine part of the Phase II review process.
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Phase II reviews conducted by the supranational body can take up to 135 days to complete.
-
The two PE firms each take a 30% stake in the business, alongside Arch management.
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The broker's latest report also reveals a consideration of $330mn for Bollington.
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Michael Burwell, Gene Wickes, Carl Hess and Joseph Gunn will each receive a payment for staying with the business until the deal closes.
-
Executives reiterate the mid-single expansion guidance announced in March, despite growing organically by 1% in 2020.
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The modeller had reportedly been the subject of an $86-per-share bid from real estate analytics firm CoStar prior to its $80 deal.
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Bryte has also granted an underwriting binder for its entire corporate property book to Sapphire Risk Transfer.
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The acquisition will sit within the group’s advisory segment alongside the Towergate regional network.
-
In a joint submission, the intermediaries argue that the deal will not reduce market competition in New Zealand.
-
Broker M&A deal flow was strong in 2020 but due diligence has become a major focus.
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The investment will help finance hires and expansion into other jurisdictions.
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The carrier is in the early stages of marketing a US construction defects book and a UK motor portfolio.
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Plus the highlights of Insider London Live and all the week’s top stories.
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Aon’s decision on its post-deal reinsurance leadership shows it has moved past tactics of its Benfield-era integration.
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An all-staff memo obtained by this publication stresses Case and Haley’s emphasis on a ‘one firm’ approach.
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Gebauer, Kent, Pullum and Garrard are among the Willis execs named to big jobs.
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Group CEO David Howden said the A-Plan acquisition brings further retail M&A opportunities.
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The impending deal follows recent Lloyd’s legacy transactions with Neon and ArgoGlobal by RiverStone.
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CEO Brendan McManus outlines his ambitions following the Apax Partners deal.
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The experienced market practitioner has worked on over 30 closed legacy transactions.
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Allianz/Athora, Generali and Macif have also reportedly submitted offers for the company.
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Former controlling shareholder Carlyle will re-invest for a minority stake in the Brendan McManus-led broking group.
-
Plus TransRe contingency losses, Lloyd's chief of staff and a round-up of the rest of the week’s most popular news.
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As well as a rebrand, the move will see BGC’s insurance assets brought together under one holding company.
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The pair are believed to be in latter-stage negotiations with plans for a broader sales process potentially shelved.
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Conditions ahead of the deal’s closing include the completion of a Tryg rights issue, regulatory clearances and High Court approval.
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The purchase is the Florida-based broker’s fourth UK acquisition and gives it a presence in Scotland.
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The Allianz-owned non-life carrier closed to new business in 2015.
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Economic headwinds combine with high valuations to create greater impetus for intermediary sales.
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This publication previously reported the retail broker would change hands for more than £250mn.
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The intermediary’s acquisition of the equestrian broker comes after a new investment from the middle-market private equity firm.
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An unnamed investment manager posited a Watford bid worth about $21/share around four months before Arch’s eventual $35-per-share takeover agreement.
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The Swedish investment firm is poised to back the MBO of online auto broker.
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The deal, pitched at a multiple of 12.2x 2019 earnings, follows disposal agreements for Axa in the Gulf, central and eastern Europe and India.
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The UK auto insurer expects to return most of the proceeds to shareholders.
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The portfolio is mostly made up of third-party liability motor business.
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The coronavirus pandemic prompted huge change in a sector already dealing with systemic challenges.
-
The deal “may reduce choice” for cedants in choosing reinsurance brokers, the EC said.
-
The Davies Group owner outbid Abry Partners in the sales process for the broker.
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The losses stem from the Barzan gas plant in Qatar and a Tullow facility off the coast of Ghana.
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The Irish broker was founded in 1961 and has around 200 employees writing both commercial and personal insurance.
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The broker is committed to expanding in A&H, especially in European markets.
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He replaces long-serving executive Gary Long, who retired earlier in the year.
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The Charles Taylor chairman will help assess broking, InsurTech and service provider targets as an advisory council member.
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Davies owner HGGC looks to up its involvement in sector, while Abry seeks an entry to the UK market.
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The Zurich-owned carrier retains a financial strength rating of A2 and a surplus note rating of Baa2.
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The mutual had exited general insurance via its deal with Allianz last year.
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The competition watchdog will reportedly open a full investigation after its preliminary review ends on 21 December.
-
The milestone was set out in a combined all-staff townhall as the firms look forward to an H1 close.
-
The 10-year and 30-year bonds will be issued in a private placement.
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The legacy transaction is the first undertaken by The Carrick Group since it was launched last year.
-
The acquisition of the digital-only broker is part of GRP’s ‘omni-channel’ approach.
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KPMG-run business nears endgame as AJ Gallagher returns for sizeable UK deal.
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The German carrier and Apollo-backed bid partner Athora reportedly met resistance from unions during the $3.6bn auction.
-
The transaction will be one of the largest P&C deals of the year.
-
In an interview, Grahame Millwater and Jason Howard set out the synergies possible following the broker’s rebrand.
-
The underwriter’s resignation marks the latest in a string of senior departures at the carrier.
-
The Karl Wall-run firm will now have a UK platform through which to pursue future deals.
-
The broker will operate as Acrisure Re and Acrisure London Wholesale.
-
The US carrier has offloaded a tranche of liability business written out of London.
-
Ex-Ariel CFO Angus Ayliffe becomes the latest member to join the team, which Jeff Clements will lead.
-
The broker will add a Belgian office alongside its London operation for post-Brexit trading.
-
The unit will advise on M&A, capital raising and risk securitisation.
-
The deal will help the Aquiline-owned syndicate diversify away from motor insurance.
-
Six “mega-rounds” made up 69% of the total, including Ki, Next Insurance and Hippo.
-
The deal is likely to be one of the largest US P&C broking transactions of the year.
-
The MGA will write business under the Co-op brand as part of a 13-year partnership.
-
Luke Tanzer will remain the managing director and said the deal represented a “runway for future growth”.
-
The parties have also agreed to an exclusive 20-year distribution arrangement.
-
The Day 1 launch via a listing without PE cornerstone investors is an effective first for the (re)insurance sector.
-
The deal will accelerate the pivot of the acquirer from motor insurer to multi-class specialty player.
-
The deal on the heels of the purchase of Miller establishes Cinven as a significant non-life insurance-sector investor.
-
The French carrier pulls back from Axa Gulf, Axa Cooperative Insurance and Axa Green Crescent Insurance.
-
Canadian pension fund managers CDPQ, CPP and OTPP back the subscriptions receipt issue.
-
As part of the deal Pelican Ventures and JC Flowers will provide capital for 2021 onwards, with Argo maintaining responsibility for years prior.
-
Has there ever been a more interesting time in (re)insurance for mergers, acquisitions and new capital formations?
-
The tactic comes after the investors had three nominees installed on the risk modeller’s board this week.
-
Sirius shareholders favour the deal but dissent on compensation proposal.
-
Safeonline CEO Chris Cotterell becomes chairman of Howden’s cyber division.
-
The three director changes fall short of a proposal by former bidders Senator and Cannae.
-
The Amanda Blanc-led company says it is continuing to evaluate the remaining Italian businesses.
-
Revenue rose 2.2% on an underlying basis at the broking group.
-
By filing this week, the merger partners may yet escape the clutches of the UK’s Competition and Markets Authority.
-
The European Commission sets a provisional deadline of 21 December for the review.
-
The mooted changes would impact entrepreneurs and private equity business models.
-
A “change of control” clause also gives hosted MGAs the opportunity to find new platforms if they wish.
-
The investor wants the Finnish insurer to build on this week’s sell-down of Nordea Bank shares with further divestments.
-
The exec was speaking after the broker was acquired by Cinven and GIC in a multi-hundred million deal.
-
The transaction brings to an end five years of Willis’ majority ownership of the London market broking house.
-
AIG executives revealed that proceeds from the sale would be used to reduce the carrier’s debt leverage.
-
Thoughts vary on the prospects for a rival bid, but share price sits 4% below the offer price.
-
The offer is a 52% premium to the target’s undisturbed price.
-
The broking chief says he hopes the $80bn fusion is not approved without divestments.
-
The disposal plans are the latest of a string of restructuring measures under the leadership of CEO Kevin Rehnberg.
-
Ariel Re will focus on key lines of business, including cat, retro, marine and professional lines.
-
Private equity houses Kelso and Warburg Pincus will also participate in the $700mn acquisition.
-
Former CEO Ryan Mather returns to helm Ariel, and will also oversee underwriting for SPA 6133 under a pact between the acquirers and Apollo.
-
The previously announced fundraising plans will more than double its retained capacity to £50mn for 2021.
-
Odyssey-backed Tysers has been sidelined in the protracted sale process.
-
Banking sources are divided on whether AIG is likely to be able to find a buyer for its life arm.
-
Loeb will lose rights including the ability to veto important company decisions and to select a board observer.
-
The company confirmed the pivot to an advisory firm as the former head of risk and compliance will take on the CEO role.
-
The former Willis broker will lead the development of the group’s international M&A book.
-
The Talanx-owned carrier adds EUR300mn of premium through the deal with seller Apollo.
-
It’s always fascinating to bring together global reinsurance executives for a 90 minute debate, but doing it virtually in September, half way through the hurricane season, adds extra spice.
-
The hedge fund reinsurer’s board has decided the offer could represent a "superior proposal".
-
The hedge fund reinsurer offered to merge with Sirius in May 2018, before the company’s listing on the Nasdaq exchange.
-
Private equity owner Pollen Street appoints Macquarie to run process.
-
Darag will retain run-off operations in the country.
-
The market expects a deal with Tysers, but there are three reasons why it may be wrong.
-
The carrier’s Polish, Czech and Slovakian operations are now owned by Uniqa.
-
The thwarted bidder accuses Watford’s board of neglecting their duties and threatens legal action.
-
The PE house and the London market wholesaler will submit bids in just over a week.
-
Including offshore losses of up to $1.5bn, the firm's total loss estimate ranges from $0.8bn-$1.5bn.
-
The deal is structured as a reinsurance-to-close transaction for 2017 and prior years at Syndicate 1200.
-
Ron Bobman has reiterated his opposition to Watford Re’s management and fiercely criticised the deal.
-
The Hyperion business will merge its existing Ordás broking platform in Mexico with the retail intermediary.
-
The $622mn agreement is just 10 cents a share higher than Enstar's $31.00-per-share proposal.
-
The $31.10-per-share deal is just 3.7% higher than yesterday's close but 74% above the hedge fund reinsurer's undisturbed share price.
-
The founders Ger Knikman and Joep van den Eijkel will reinvest in You Sure following the transaction.
-
Premia will use the entity as a platform for legacy deals in the continental European insurance market.
-
The Ark CEO speaks to this publication after the conclusion of its ambitious scale-up transaction.
-
Former RenaissanceRe CEO and founder Jim Stanard looks set to pick up the reinsurance platform.
-
The per-share price is a 35% premium to yesterday’s close.
-
The valuation is a fresh coup, but points towards the challenges of competing in the post-consolidated broking space.
-
The Hyperion CEO says backing from three institutions plus employee ownership creates “a new financial model”.
-
The acquisition of the motorbike insurance specialist completed in August.
-
The deal with Jubilee Insurance supports Allianz’s ambition to gain market leadership in key African territories.
-
The Howden parent has more than doubled its valuation in the three years since CDPQ invested.
-
BMS plans to expand into the retro sector but will avoid being drawn into bidding "frenzy".
-
The acquisition brings Howden’s law firm clients to over 1,000.
-
The deal includes small business MGA Everest Risk Management.
-
Enstar, R&Q and Riverstone remain as the Willis-run process heads towards its conclusion.
-
The carrier is undergoing a strategic review of its business operations under new CEO Amanda Blanc.
-
The acquisition brings “geography, talent and specialism”, says CEO Howard Lickens.
-
The ECI-backed buyer acquires the regional network alongside BHIB and Churchill Insurance Consultants.
-
Bain Capital is also said to be eying the target, which has yet to enter exclusive negotiations with Royal London.
-
The US broker has bought the general insurance firm Ernest R Shaw.
-
The insurance holding company sold out of its P&C balance sheet assets in 2015 and 2017.
-
The German carrier and the Apollo-backed life insurer team up for a bid which could be worth an estimated $2.3bn-$3.5bn.
-
The Hyperion CEO says the takeover provides a route to regional broker M&A.
-
The funding for the deal was set to come from Cantor Fitzgerald and its billionaire CEO Howard Lutnick.
-
The near-£700mn deal, revealed by this publication yesterday, represents Hyperion’s first piece of big-ticket M&A since its 2015 move on RKH.
-
David Howden’s distribution group is poised to buy the UK retail broker from PE house HG.
-
CEO Amanda Blanc has promised to take “decisive action” over businesses that fail to meet strategic objectives.
-
The two CEOs say the combined entity will focus on emerging risks, new forms of capital access and “under-served” pockets of the market.
-
Lockton Re and McGill and Partners argue clients will look for more choice after the Aon-Willis merger.
-
The partial sale to BGC's affiliate follows a market testing of the broking operation's value.
-
Insurance Insider wraps up some of the key themes from Day 1 of the (Re)Connect conference.
-
The private equity house holds a majority stake in the business and invested five years ago.
-
The disposal is the first major action under new CEO Amanda Blanc.
-
The purchase gives the buyer new regional offices in Manchester, Bristol and Perth.
-
Ron Bobman says a deal valuing the carrier at $26/sh, or $500mn, will not win shareholder approval.
-
Arch Capital reportedly offered to buy the business for a per-share value over 45% above yesterday’s close.
-
The move by the founding shareholder follows activist investor pressure on the reinsurer.
-
Sources also identified Arch and Hampden as participants in the accelerated auction.
-
The deal will propel Sompo International’s annual crop premiums to over $2bn when combined with the (re)insurer’s existing AgriSomp business.
-
The carrier provides capacity to a number of warranty and indemnity MGAs including Icen Risk and RSG Europe Transactional Risks.
-
The expansion comes in anticipation of uptick in Asian M&A activity.
-
PE’s scepticism about the duration of the market opportunity has lengthened the odds on greenfield start-ups.
-
CEO Swallow says the rebranded Capsicum unit will use rivals’ mergers to push for market share.
-
Start-up acquirer Marco, Enstar, Riverstone and Premia are still in the running for the assets.
-
The Belgian insurer is to take a 25% stake in the reinsurance unit of China Taiping.
-
Both companies secure more than 95% shareholder support for the transaction.
-
The companies claim “overwhelming” investor support at meetings today.
-
The acquisition of British Reserve Insurance Company provides the run-off carrier with a UK platform to execute deals.
-
The French seller expects to book a EUR200mn one-time gain from the disposal next year.
-
R&Q M&A chief Corver forecasts further transactions in coming days as demand for legacy solutions rises.
-
The deal for Inceptum, Vibe’s UK and European legacy unit, follows the closure of Syndicate 5678.
-
Capacity withdrawals from Chubb and AGCS are being interpreted as a sea change in the sector.
-
Completed European deals fell by more than a fifth in H1 to a three-year low.
-
The construction, leisure and commercial sector MGA will join the group’s Geo Specialty business.
-
The carrier’s decision to cease writing marks the first major withdrawal of capacity from the M&A insurance market.
-
Stay awards risk deferring problems, with staff remaining in place who intend to leave post-payment.
-
The potential disposal coincides with sale processes in locations including Singapore, Belgium and Central and Eastern Europe.
-
The agreement, which will leave Enstar with 26% of StarStone US, fulfills a long-term ambition for Stone Point.
-
Third Point’s current CEO Malloy called the timing of the deal ‘critical’ as the 1 January renewal looms.
-
Staff on the scheme will be paid 25% on closing, with the rest paid 12 or 18 months later.
-
Move comes amid double-digit rate hardening in the US commercial auto market.
-
The combination secures support from major proxy advisers two weeks ahead of shareholder votes.
-
The auction process of the EUR615mn-revenue business could start within the next few weeks, according to Bloomberg.
-
Other rival parties are understood to remain in talks about buying the shuttered entity's assets.
-
Fitch retained its negative outlook on Sirius, noting the carrier’s “operating performance deterioration in recent years” and exposure to Covid-19 losses.
-
The share price of majority China Minsheng-owned Sirius also surged 40%.
-
Third Point Re said the deal would also “turn the page” on its days as a hedge fund reinsurer.
-
The Third Point Re acquisition removes the immediate risk of a downgrade below A- for Sirius.
-
CEO Booth says legacy carrier plans European and global expansion.
-
The business will be known as SiriusPoint and led by ex-AIG CFO Sid Sankaran, who will become chairman and CEO.
-
Partnership follows Carlyle’s purchase of majority stake in Fortitude Re, which is now poised for Korean expansion.
-
The intention is for Hastings to operate on a standalone basis following the deal, which takes the company private.
-
Response also rebuffs complaints over Goldman Sachs conflict disclosures.
-
The deal includes a large Northern Irish motor fleet and corporate book.
-
The program administrator expanded into the business line at the beginning of the year.
-
Over-capacity is still stifling rate increases despite rising claims experience.
-
The broker believes it will be able to proceed with the deal without having to divest any businesses.
-
The broking chief says the pandemic buttresses the case for its takeover by Aon.
-
The CEO highlights his company’s ability to protect jobs and salaries and forecasts a diminished role for travel and entertainment.
-
Finaxy says it plans to “accelerate its buy-and-build strategy” and strengthen its “multi-specialist positioning”.
-
The suitors have 28 days to announce make a firm bid for the car insurer or retreat.
-
Swiss Re, ReAssure’s previous majority holder, now holds a 13.3% stake in the listed buyer.
-
As part of the acquisition, Citadel Risk will be renamed Davies Captive Management.
-
The appointment of the well-known market figure ends a period of rule by committee.
-
Around $1.5bn in losses stem from P&C Re, with $500mn from CorSo.
-
The SME specialist will retain its current management team.
-
The broker M&A juggernaut is powering up again after a slowdown during the height of the Covid crisis.
-
The InsurTech will close its own book of insurance business and work to develop Direct Line Group’s technology offering.
-
Daniel Mösinger has been hired to build the company’s book of business in German-speaking countries.
-
The total return player trades at only around 40 percent of book value when marked-to-market.
-
Activist investor Voce had previously criticised the performance of the firm's international businesses.
-
Aon warns that complying with “second requests” in the US merger review process can take a while.
-
An affiliate of e-commerce company Paytm will pay $76mn for the whole of Raheja QBE.
-
The long-serving executive is to depart as clutch of other Australia-based staff resign.
-
Wirecard collapse threatens huge loss; Apollo and Argo deals revealed; inside the AGCS turnaround.
-
As part of the deal, MS Amlin will provide SRG with “ongoing dedicated capacity” for the risk exposures.
-
The firm is expected to engage with both PE and strategic players in search for "permanent" capital.
-
Mark Ettershank was at Marsh for four years, and before that was a corporate lawyer for nine years.
-
The business was put up for sale as a byproduct of Willis’ own deal with Aon.
-
Rising claims costs could eclipse premium income in 2020.
-
With a £3.6bn valuation for Ardonagh, Towergate’s rehabilitation is complete.
-
The broking group prices a new $500mn debt issue.
-
All options are on the table including a part sale, full sale, Spac IPO or a transaction with Cantor Fitzgerald.
-
The broker is about to tell staff how the long-awaited $125mn of incentives will be allocated.
-
Tim Smyth, former CEO of Primary Group portfolio company RCHL, takes the helm of the MGA.
-
Oak Hill Capital and Carlyle are bringing together their broking and MGA assets.
-
The Apollo subsidiary expects to deploy about $1.2bn over the next 12 to 18 months.
-
The departures come as Aon works to close its takeover and as an anticipated upstream sector recovery stalls.
-
The London chief seeks leadership positions but may contemplate pivoting most of Syndicate 1955 to follow.
-
Sirius’ ownership and governance structure still creates scope for progress to signing to be complicated.
-
Ed launched a transactional risk offering in April which is led by Niraj Perera.
-
The broker-consolidator closes a deal with new majority investor Searchlight.
-
The transaction follows a wave of consolidation in the insurance claims services market.
-
The disposal would be the latest of several.
-
Marine liability, specie, terrorism and general aviation have been identified by sources out as better-performing areas of the business.
-
SkyKnight Capital, Dragoneer Investment Group and Aquiline Capital Partners have led the investment.
-
Enstar will remain a minority investor, with PE capital also drawn from Dragoneer and SkyKnight.
-
The number of rep and warranty claims filed jumped fourfold between 2014 and 2018, the study found.
-
The Munich Re subsidiary’s move follows rival Swiss Re’s deal with China Pacific.
-
The product will provide traditional warranty and indemnity cover and more tailored solutions.
-
Economic uncertainty has impacted pricing, but deal activity continues to progress, says NFP’s Carl Nelson.
-
CEO Macia said the closure was "not a criticism of our technology, team or mission".
-
The total return reinsurer has squared off against Apollo and at least one other PE house.
-
The fronting carrier will allow the MGA to extend its geographical reach.
-
Carlyle-backed broker buys Munich-based reinsurance business.
-
The deal was announced in November last year, setting Fortitude Re on the path to independence.
-
-
The Pioneer deal marks K2's first international acquisition.
-
The deal struck last July included two performance-linked payments.
-
The acquisition will help scale its platform, modernise its products and explore acquisition opportunities.
-
The Digital Partners CEO says funding struggles among small InsurTechs present acquisition opportunities for the carrier’s larger partners.
-
The first signs are also emerging of distressed acquisition opportunities, the executive said.
-
The deal was awaiting regulatory approval from the CDI after the deal was agreed in August.
-
Members will work with the existing integration leadership team.
-
Capital Returns' Ron Bobman said the firm had "a complete absence of competitive advantages”.
-
At least one other PE house is understood to remain in the process.
-
The purchase expands the broker’s offering in the American professional sports space.
-
The action follows similar moves by AM Best and Fitch after a proposed $9bn sale was dropped.
-
The insurance group’s CFO says his firm is still eagerly looking out for “the right” deals to pursue, even amid the pandemic.
-
Covid-19 industry losses, Insider US highlights, Charman on the record and the lowdown on Brit’s new syndicate.
-
Fitch had earlier trimmed its outlook to negative after the carrier’s takeover by Covea collapsed.
-
An earlier positive outlook had reflected an anticipated benefit from ownership by a larger P&C, health and life insurance organisation.
-
Willis retention pool revealed as a minimum of $125mn, with scope for additional funds to be signed off by Aon.
-
The Exor chief reaffirms his long-term commitment to the reinsurer in an internal memo.
-
The mutual’s retreat reduces the prospect of a sale of its Scor stake.
-
Exor rejects Covea’s attempts to renegotiate terms in light of the Covid-19 crisis.
-
The extensive negotiations started at 0.99 Aon shares for each Willis share, and ended at 1.08, according to proxy documents.
-
The target writes premium of about $12mn.
-
The acquisition will create a New Zealand operation with around £30mn ($37mn) in premium.
-
The transaction is now expected to close in the third quarter of the year.
-
The InsurTech, which AIG opted to put into run-off, had projected premium income of $50mn in 2020.
-
The KKR and CDOQ-backed intermediary pays just under 3x rolling 12-month revenue for ABRC.
-
Sources also named sector stalwarts Stone Point and Aquiline as potential sources of start-up capital.
-
Aon made a shock move on Monday to cut staff salaries for most of its staff.
-
The shares changed hands at 85 percent of the carrier’s diluted book value for share for Q1 2019.
-
The carrier appoints two underwriters in London and expands its capability in Germany, Singapore and Denver.
-
The legacy and program specialist raises funds to capitalise on an expected market dislocation.
-
Insurance carriers and private equity firms have been approached over the last few weeks to gauge their interest in the business.
-
Aon’s call on the order in which stakeholder sacrifices must be taken will test staff commitment to the cause.
-
BBVA will contribute insurance operations with GWP of about $325mn last year to a new joint venture.
-
The deal was subject to speculation in October but has come in below the expected EUR1bn value.
-
The executive rejoins Tom Milligan, a former CEO at the Bermuda reinsurer, as partner at the (re)insurance-sector investor.
-
The underwriter’s four remaining units will become part of the expansive US MGA platform, in K2’s first non-US acquisition.
-
CEO calls for sector to pull together with government to find collective response to pandemic.
-
The transaction will be part-financed through a recently announced debt facility.
-
The PE firm counts AmWins among former portfolio companies.
-
The deal will “capitalise on a dynamic competitive landscape and continue our strong growth trajectory”, Rod Fox says.
-
Edward Creasy becomes executive chairman of Charles Taylor.
-
Matrix had revenues of around EUR14.8mn in 2019 and has operations in Cyprus, Turkey and South Africa.
-
The purchase is the latest in a string of deals for R&Q, including an agreement with the UK P&I Club last month.
-
John Elkann said his family had overcome “wars, revolutions, crises and pandemics”.
-
The purchase follows the 2019 launch of the Lion Rock Re sidecar.
-
Acquisitive broker consolidator Acrisure was the busiest buyer of insurance intermediaries in Q1, taking over 18 agencies.
-
The total-return reinsurer called off its sales process yesterday and announced a buyback.
-
Hyperion CEO says the virus will also force the London market to modernise.
-
Process paused as market turmoil challenges debt markets and undermines due diligence.
-
Shares in the total return reinsurer traded up 3 percent after the news.
-
Assurance will become the Midwest regional headquarters for MMA, under Assurance CEO Tony Chimino.
-
The process has been pulled amid economic disruption from Covid-19.
-
The business will be integrated into Credit Risk Solutions, which was acquired in 2017.
-
Long closing period and Covid-19 uncertainty expected to curb early staff exits.
-
An Exor source said the transaction “makes even more sense now”.
-
Obsidian received a financial strength rating of A- from AM Best following the raise.
-
Staff let go within that time frame would receive at least the same severance package as under offer at Willis.
-
Sirius shares spike 25 percent after CMIG made a U-turn on blocking earlier initiatives to dilute its holding.
-
A lot of water has flowed under the bridge since Covea struck a deal with Exor to buy PartnerRe in early March.
-
The deal was one of a number of Florida insurer combinations proposed earlier in 2020.
-
Sympathies should be extended to Theo Butt and the former Neon management team.
-
The arrangement would put former Aon Benfield CEO Andersen at the heart of the largest corporate tie-up so far in 2020.
-
The private equity house is said to have backed out of exclusive talks late last week.
-
The target offers affinity, commercial and personal lines broking services.
-
The specialist insurer focuses on providing cover for freelancers and contractors.
-
The Dubai-headquartered company will list on the Nasdaq today, giving it additional access to capital markets.
-
The likeliest bidders remain legacy firms such as Premia, Catalina and Enstar.
-
The deal will allow Lighthouse to write business in Florida through Prepared Managers LLC.
-
The fusion with the special purpose acquisition vehicle gives the carrier a Nasdaq listing.
-
The Bermudian platform sources casualty reinsurance deals for hedge funds.
-
The terms of the transaction suggest closing could stretch to October 2021 or beyond.
-
Battle for talent sparked off by MMC-JLT deal is likely to intensify.
-
Aon-Willis merger, Greenlight Re's grilling and coronavirus chaos.
-
Trade bidders look likely to be frozen out, with even private equity houses likely to be second-choice bidders.
-
The transaction is Brown & Brown’s eighth of the year.
-
Meanwhile, Fitch has upgraded the ratings outlook for Willis to positive.
-
Greenlight Re was assaulted on all fronts on its earnings call – and a run-off sale now looks likelyGreenlight Re was assaulted on all fronts on its earnings call – and a run-off sale now looks likely.
-
The firm's shares dived by 13 percent in trading today following its results and call.
-
Details of structure and leadership to follow within 90 days.
-
The mega acquisition will throw off talent and clients but the creation of a giant top two may crush competition.
-
The hedge fund reinsurer also posted improvements in investments for Q4 as it weighs strategic options as part of a review process.
-
KBW predicts Aon could reap more than the stated $800mn synergies from the deal.
-
Aon could secure major value via synergies if it can avoid the pitfalls of regulatory approvals and integration.
-
Aon’s acquisition of Willis is geared to deliver growth through innovation, as it downplayed scale and financial benefits.
-
Acquirer and target fall after news of the $29.9bn takeover agreement as US stock trading is briefly suspended.
-
The combined entity would become the largest broker, with $20.1bn of revenues.
-
Combined reinsurance revenues would reach $2.3bn, outstripping Guy Carpenter.
-
The acquirer will pay a 16.2 percent premium, with Willis chief Haley becoming executive chairman at the combined $80bn broker.
-
The appointments of Sophie Wallace and Dean Andrews follow that of Tan Pawar from Paragon to head the new unit.
-
A second takeover run by Greg Case’s broker would come as the target contemplates its CEO succession.
-
Covea and PartnerRe's $9bn deal, Sirius woes and Greenlight suitors.
-
The transaction reflects the seller's drive to focus on commercial lines and value-added services.
-
The reinsurer must decide whether the uncompromising approach of 2019/20 will continue under Covea ownership.
-
The UK-focused property and casualty MGA will become part of HW Kaufman's Burns & Wilcox platform.
-
The dispute with leading shareholder China Minsheng threatens the (re)insurer's credit ratings.
-
There are no other obvious cash bidders out there for reinsurance-only franchises.
-
Hannover Re takes a key role alongside leader Munich Re in the world’s largest terrorism retrocession placement.
-
The deal comes as renewable energy rates continue to harden.
-
Scor shares slip on its largest shareholder's takeover agreement.
-
Enstar, Catalina and Premia are the likeliest legacy acquirers for a c.$400mn deal.
-
The company said today it is committed to providing a “smooth transition” to new ownership for clients and staff.
-
The selling shareholder is Bermuda’s Primary Group.
-
Coronavirus and the contingency market, the future of Axa XL, and more.
-
The reclassification of the mutual places the terror cover backstop’s future operational and financial independence in doubt.
-
The move follows S&P and Fitch putting ProAssurance’s ratings under review.
-
The combined entity will have a Nasdaq listing and Bermuda domicile.
-
The move comes amid a global portfolio review at Allianz’s flagship commercial insurance unit.