AEGON is selling Transamerica Reinsurance, its life reinsurance business, to global reinsurer, SCOR. In addition, SCOR will acquire Transamerica International Reinsurance Ireland although under the agreement AEGON will retain businesses with a book value of $0.4 billion, comprising mainly variable annuity guarantee business. The deal will result in a total after-tax consideration of $1.4 billion, [...]
AXA has announced that it has entered into an agreement whereby Australian banking and insurance group, AMP Limited, will acquire 100% of AXA Asia Pacific Holdings (AXA AP), while AXA SA will acquire 100% of AXA AP’s Asian businesses. The transaction involves a Scheme of Arrangement that allows the merger of AMP and AXA APH, [...]
QBE has announced that it has agreed to acquire the US insurance operations of Renaissance Re, which include a US crop and small specialist programme insurance business. Completion of the transaction is expected in March 2011 at a purchase price of around $275 million (paid from QBE’s existing resources), with net tangible assets acquired of [...]
Professional services company, Towers Watson, has agreed to acquire the worldwide operations of EMB, the actuarial consultancy and software provider. The transaction is expected to complete over the next 60 to 90 days, subject to customary closing conditions, including regulatory approvals. EMB, which was founded in the UK in 1993, is best known as an [...]
Aviva has confirmed that in late July, the company received a conditional proposal from RSA to acquire its general insurance (GI) businesses in the UK, Ireland and Canada (excluding RAC and Health), for £5 billion, to be funded entirely from a rights issue by RSA. Having recently completed a strategic review, the insurer concluded that [...]
Ageas has today announced an agreement with private equity firm, PAI Partners, to acquire Kwik-Fit Insurance Services (KFIS), for £215 million. The move forms part of Ageas’ multi-channel, multi-brand distribution strategy and will consolidate the group as the fourth-largest personal lines intermediary in the UK. KFIS owns the Kwik-Fit, Green Insurance Company and Express Insurance [...]
Zurich Insurance Company Ltd has agreed to acquire 80% of PT Mayapada Life, an Indonesian life assurer focused on the distribution of group and individual life and health plans. The purchase is being made from the Mayapada Group, which operates across various sectors including financial services, healthcare, media and energy, and will continue to hold [...]
American International Group (AIG) is refusing to budge on its original sale price for AIA Group. Prudential agreed to acquire the pan-Asian life insurance subsidiary in March, for over £24 billion in cash and shares. AIA traces its roots in the Asia Pacific region back more than 90 years and currently operates across 15 geographical [...]
Prudential has confirmed that it has agreed terms with American International Group to acquire AIA, the Asian business of the embattled US insurance giant. Pru will pay £23 billion in cash and shares for the business, in a bid to become South East Asia’s leading insurer. It is also planning a rights issue to help [...]
Prudential is looking to acquire AIA, the Asian business of embattled US insurance giant, American International Group (AIG), the BBC has reported. Talks are understood to be at an advanced stage and a statement from Prudential on a £15 billion deal is expected in the days ahead. The group’s ambitions in Asian markets are well [...]
Prudential is to acquire UOB Life Assurance in Singapore, for £192 million. The move forms part of a long-term partnership agreement with United Overseas Bank Limited (UOB) to develop a major regional bancassurance business. Under the terms of the 12-year agreement, Prudential’s investment, savings and protection products will be marketed through UOB’s 414 bank branches [...]
Aviva Investors, which is the asset management business of Aviva plc, has agreed to acquire River Road Asset Management, a US-based equity manager with $3.6 billion in assets under management. According to the insurer, the move will combine Aviva Investors’ existing fixed income expertise in North America with River Road’s equity investment capability. Meanwhile, River [...]
Aon Corporation has agreed to acquire New-York based brokerage, Carpenter Moore Insurance Services. The latter was formed through the merger of Carpenter Moore and NASDAQ Insurance Agency, in 2005, and specialises in executive liability, Internet liability, and risk management services. The firm’s clients are to be found in the technology, pharmaceuticals, healthcare, durable goods, transportation, [...]
Markel International, the London-based subsidiary of US property and casualty giant, Markel Corporation, has secured an agreement to acquire Elliott Special Risks (ESR), a Canadian managing general agent valued at around CDN $75 million. ESR, which is majority owned by Newport Partners’ Income Fund, provides underwriting and administrative services to the insurance sector, reporting gross [...]
A new company with ambitions to build a broker network of up to 20 branches has been launched by two former directors of Equity Insurance Group. NMJ Insurance is headed by former Equity Insurance Brokers’ managing director, Nick Potts, and the firm’s former acquisitions and insurer development director, Mike Hutton. Once the start-up has been [...]
American International Group (AIG) is selling its US car and commercial vehicle insurance business to Zurich Financial Services Group. The disposal is being made for $1.9 billion and is the twelfth but largest yet to be made by the troubled group since its near collapse in September of last year. Since then, AIG has been [...]
Duck Creek Technologies, Inc. (DCTI), the Missouri-based firm that provides software and services to the insurance sector, has announced plans to acquire Duck Creek Technologies Europe (DCTE). The latter is a London-based affiliate of DCTI and the move involves acquiring the voting shares of all outside investors in DCTE, over the next two years. According [...]
W R Berkley Insurance (Europe) Ltd (WRB), part of the Connecticut-based W R Berkley Corp, has completed its acquisition of Irish Professional Risks Ltd. The latter is an underwriting agency specialising in professional indemnity insurance and has offices in Balbriggan, County Dublin. The merged business will be known as W R Berkley Insurance Ireland and [...]
Insurance Australia Group (IAG) has agreed to sell certain UK businesses for a total of £73.5 million. Swinton is acquiring the group’s branch network, which comprises 91 High Street outlets across England and Northern Ireland, for £50 million. The outlets are branded Equity Insurance and Open+Direct. IAG’s Hastings and Advantage businesses are subject to management [...]
Cooper Gay & Co, the independent insurance and reinsurance broker, has acquired the London-based Aerospace team of Benfield. The transaction means that 10 market practitioners, including John Howes and David Sales, are transferring to Cooper Gay’s London Aerospace division, along with their client portfolios. They will be joining the team that transferred from Heath Lambert’s [...]
