Mergers & acquisitions (M&A)
Markel buys Abbey Protection for £116.5m
Specialist insurer Markel has acquired Abbey Protection for £116.5m; a price representing 9.3 times the insurer’s EBITDA.
Equity sells direct broking division to NMG Holdings
Equity Insurance Group has sold specialist motor and home broker Equity Direct Broking to NMG Holdings as part of its strategy for the business to return to underwriting.
Sovereign Capital acquires Kindertons
Private equity firm Sovereign Capital has acquired Crewe-based accident management services provider Kindertons for an undisclosed sum.
Orbit to focus on insurance market following sale to Atlas
Atlas Products International has completed acquisition of Salford Quays-based electronic data interchange provider Orbit UK for an undisclosed sum.
Athene acquires Aviva USA for £1.7bn
Aviva has completed the sale of its US life and annuities business Aviva USA to Athene Holding.
Aviva completes £1.7bn sale of US business to Athene
Aviva has completed the sale of its US life and annuities business Aviva USA to Athene Holding.
350% increase in UK M&A deal values
The value of UK insurance merger and acquisition deals rose by more than 350% to €1.5bn (£1.2bn) in the first half of 2013 from €344.6m in 2012, PWC has reported.
Cigna marks First Assist re-brand with double product launch
First Assist Insurance Services is to be renamed Cigna Insurance Services almost two years after the acquisition of the CIS business.
Direct Line and Churchill: A reflection on a decade old merger
This month marks the tenth anniversary of the takeover of Churchill by Direct Line, then owned by Royal Bank of Scotland.
Howden acquires Norwegian broker
Howden Broking Group has acquired a majority share in Norwegian broker North Edge Forsikringsmegling AS.
M&A surge imminent due to low interest rates and yields
PWC report predicts ‘quiet revolution’ in acquisitions.
Quindell picks up 22.5% Nationwide Accident stake
Quindell has inked a deal for a 22.5% stake in Nationwide Accident Repair Services, the UK’s largest dedicated provider of accident repair.
Ironshore unveils new M&A underwriter
Ironshore International has appointed Astrid O’Reilly as M&A underwriter, based in its Singapore offices.
Xchanging acquires US tech company
Xchanging subsidiary Xchanging Inc has acquired Market Maker4, an e-sourcing technology company based in the US, for a potential total consideration of up to $22m (£13.7m), subject to certain performance criteria.
JLT Group to acquire Towers Watson's reinsurance brokerage business
Jardine Lloyd Thompson Group is to acquire the reinsurance brokerage business of Towers Watson for a cash consideration of $250m (£156m).
Belmont and Giles 'will complement each other' claims Deakin
Arthur J Gallagher UK commercial director Janice Deakin expects the transport businesses of brokers Giles and Belmont “to strongly complement each other”.
Strategic importance of M&A to increase
A PWC report has found the strategic importance of mergers and acquisitions to insurers across the globe is set to increase.
Holman to be replaced as Brightside CEO later this year
Brightside chief executive Martyn Holman will be replaced later this year following a review of the board’s composition.
AJG acquires Belmont International
Arthur J Gallagher has acquired passenger transport specialist Belmont International for an undisclosed sum.
Cooper Gay NMB announcement imminent
Cooper Gay hopes to confirm a deal to acquire independent insurance and reinsurance broker Newman Martin Buchan in the ten days.
Brightside chief questions Markerstudy's 'strange' valuation
Brightside's chief executive Martyn Holman has expressed confusion at the change in valuation that scuppered Markerstudy’s bid for the broker.
Post magazine – 11 September 2013
This week's issue of Post is now available to subscribers.
Poor GI results could see Capita sell broker businesses at knock-down price
Analysts doubtful firm could secure private equity backing
Redundancies predicted as Gallagher seeks synergies following Giles deal
Sources expect AJG to reduce number of regional offices to cut costs