Mergers & acquisitions (M&A)
Hastings agrees £1.66bn takeover
Finnish insurer Sampo and South African financial services firm Rand Merchant Investment Holdings have agreed a £1.66bn takeover with the directors of Hastings.
Aon and WTW brand five takeover lawsuits as ‘without merit’
Aon and Willis Towers Watson have decried the filing of five legal cases across the US by “purported” shareholders and slammed the complaints for being “without merit”.
Co-op under fire from union over Markerstudy insurance deal
Trade union Unite has accused Co-op of having "forgotten its principles" by selling its Manchester-based insurance business to Markerstudy, alleging the deal will result in 200 job losses.
PE firms circle AA for takeover talks
Motoring group The AA has confirmed holding takeover talks with three private equity parties as it discusses “a wide range of potential refinancing options”.
Covea agrees €1.5bn investment with Exor after Partner Re deal collapse
Covéa will invest €1.5bn (£1.35m) with Exor and special purpose reinsurance vehicles managed by Partner Re, after its bid to buy the reinsurer fell apart earlier this year.
Aon/Willis combination not ‘good for clients or good for the market’: MMC CEO Dan Glaser
In a half year results call, Marsh and McLennan CEO Dan Glaser aired a “personal” view that the Aon and Willis Towers Watson merger will be negative for clients and the market .
Hastings confirms cash offer approach
Hastings has confirmed it has been approached by Sampo and Rand Merchant Investment Holdings with a potential cash bid for the business.
Davies’ captive management arm grows US presence and eyes European expansion
Davies Group is scoping out expanding its captive management presence to Guernsey or Malta, after expanding its US capabilities with the acquisition of Citadel Risk’s captive management business last week.
Complete Cover deal saw £108.7m written off
The net liability position of Complete Cover’s ultimate holding company Key Topco improved from a deficit of £93.4m at the end of 2018 to just £1.7m by the end of March 2020 after the takeover by Sun Capital Partners at the start of this year.
Sun Capital injected £7m into Mulsanne as SCR fell below 100%
The new backers of Mulsanne Insurance Company had to invest £7m into the Gibraltar-based underwriter this April to meet solvency capital requirements.
600 jobs at risk as LV commences L&G integration
LV General Insurance has started the clock on a two-and-a-half-year integration of Legal & General’s general insurance business that is expected to impact 14% of jobs across the two Allianz businesses.
McCaffrey targets 10 deals for MVP and Ataraxia
Minority Venture Partners and Ataraxia CEO James McCaffrey is confident the businesses will strike up to 10 deals in the next 12 months, he told Post.
PIB reveals £75.6m acquisitions bill for 2019
PIB Group’s bill for buying five companies last year was £75.6m, according to a filing at Companies House, which also revealed the results of stress tests to assess the impact of Covid-19.
Direct Line acquires insurtech Brolly
Direct Line Group has agreed to acquire personal lines insurtech firm Brolly in a conditional transaction expected to close during the third quarter of 2020.
Gallagher-backing and US opportunities will help drive growth, says Capsicum Re boss Swallow
Capsicum Re’s new chairman Raja Balasuriya is a “force to be reckoned with,” CEO Rupert Swallow told Post as the reinsurance broker unveiled the executive committee team line-up designed to lead the business through its next phase of growth.
US Department of Justice requests extra info on Aon WTW merger
The antitrust division of the US Department of Justice has asked Aon and Willis Towers Watson for additional information and documentary materials about the proposed $30bn (£23bn) takeover.
Blog: The changing shape of the London Market
Recently capital raisings by insurers aimed at ensuring they have sufficient capacity to support their trading partners and clients during the Covid-19 crisis have been widely reported. Clare Lebecq, CEO of the London Market Group believes the ability of…
CMA opens investigation into Ardonagh buying Bennetts
The Competition and Markets Authority has today launched an investigation into whether Ardonagh buying Bennetts Motorcycling Services will lead to “substantial lessening of competition”.
GRP expands into healthcare with first buy after Searchlight takeover
Global Risk Partners has bought Premier Choice Healthcare to become its healthcare hub as it moves into the sector.
Byrom Clark Roberts to rebrand as Smithers Purslow
As part of the acquisition by Smithers Purslow, Byrom Clark Roberts will rebrand to its owner’s name, using a fresh logo.
Future Focus 2030: The future of personal injury claims
In the second of a new monthly series, Post looks into the future at how the insurance market might change, with each part focusing on a specific issue. Jonathan Swift fast forwards a decade to look at how a new era of collaboration and ethics changed…
Ardonagh moves forward with $500m notes offering
Ardonagh has placed $500m (£401m) of senior payment in kind toggle notes.
Ex-Biba chair Lord Hunt steps up to GRP main board as NED
Lord Hunt, the former chair of the British Insurance Brokers’ Association, has stepped up to sit on the main board of Global Risk Partners as a non-executive director.
Analysis: Unpacking the Ardonagh deal
Broker Network members have given a resounding shrug of indifference to the news that after four years away the network is set to return to Ardonagh’s ownership as it buys up Bravo Group.