Marshall Wooldridge has acquired HNH Insurance Brokers, an independent general insurance brokerage established in 1984 and formerly a member of Broker Network Both HNH and its new owner are based in Leeds and the former will continue to trade from its current premises in the Garforth area of the city. Details of the transaction have [...]
Venture Preference has acquired Northampton-based Newspace Insurance Services. Newspace specialises in the small and medium sized enterprise sector (SME), for which it has developed two bespoke schemes. The business employs 11 staff and has around 3,000 clients. Venture has ambitious expansion plans and its chief executive, Stuart Reid, describes Newspace as an ideal fit in [...]
Dutch bank, ING, is making headlines again, this time with the news that it is taking an interest in American International Group’s (AIG) sale of its Asian businesses. AIG is undertaking a rapid programme of disposals following its bail-out by the US Federal Reserve with an $85 billion loan facility, in mid-September. Prudential has already [...]
Oval Group, the insurance broker consolidator, has made two new purchases: Powell Insurance Brokers of Liverpool and Wrexham-based Williams Insurance Brokers. The acquisition of Powell, which employs 40 staff and has turnover of £3.4 million, will strengthen Oval’s position in north-west England, where the group has plans for further expansion. Powell specialises in the corporate [...]
Troubled US insurer, American International Group (AIG), says it will be including three of its Japanese life insurance units in its programme of disposals. The businesses for sale are Alico Japan, AIG Edison Life Insurance Co and AIG Star Life Insurance Co; Japanese analysts estimate they could be worth over $9.5 billion in total. In [...]
Fortis, the Belgian insurance and banking group, has received an €11.2 billion injection of cash from the governments of the Netherlands, Belgium, and Luxembourg. The support became necessary over the weekend, after French bank, BNP Paribas, and Dutch financial firm, ING Groep, walked away from negotiations to acquire the business. The three banks involved in [...]
Beazley Group has acquired London-based Momentum Underwriting Management for up to $37.5 million (£20.6 million) in cash. Momentum is a specialist personal accident and life managing general agency established in 2000 by former employees of CIGNA Re Europe. The company has offices in London and Brisbane, Australia. Following completion of the transaction, the firm will [...]
IGI Group, the Nottingham-based specialist general insurer, has acquired legal expenses firm, Complete Claims. The terms of the transaction have not been disclosed but the move will bolster IGI’s legal expenses book and provide an opportunity for the company to expand its presence in the outsourced claims management sector. Complete Claims was established in 2001 [...]
Prudential has completed the biggest pension transfer seen by the market, in a deal that tops the £800 million annuity purchased by P&O’s pension fund, in December of 2007. The insurer has acquired £1 billion of liability from the pension scheme of Cable & Wireless (C&W), the international telecoms group. The purchase takes the form [...]
Florida-based broker, Brown & Brown, has made two acquisitions within six days. The firm’s purchase of Advanced Insurance Concepts follows last week’s acquisition of Reed Brothers Insurance Group. Advanced Insurance Concepts specialises in individual and group employee benefit insurance products and services. The company operates as a general agent on behalf of brokers in Delaware, [...]
Jardine Lloyd Thompson (JLT), the insurance and reinsurance broker, has acquired HWS Holdings, a private owned broking firm based in London. The purchase includes HWS’ Lloyd’s Broker subsidiaries, Harman Wicks & Swayne Limited (a London based reinsurance broker) and Harman Wicks & Swayne International Limited (a wholesale provider of insurance products for small and medium [...]
Giles Insurance Brokers has acquired The Professional Indemnity Group, which is based in Aust in Gloucestershire and specialises in providing PI insurance to construction businesses. The firm employs 10 staff and the move will expand both Giles’ geographical presence and its PI offering. The Professional Indemnity Group was founded by Rob and Fiona Park who [...]
Flagstone Reinsurance Holdings, a Bermuda-based company, has agreed the acquisition of up to 29.9% of Alliance International Reinsurance Public Company. The latter is headquartered in the Republic of Cyprus and listed on the Cyprus Stock Exchange. The firm is a specialty property/casualty reinsurer with clients in Europe, Asia, the Middle East and North Africa. The [...]
