Business Moves

Aspen Adopts Shareholder Rights Plan; Endurance Slams ‘Poison Pill’ Defense

The 17th April of April saw a resumption of hostilities between Aspen Insurance Holdings and its would-be acquirer Endurance Specialty Holdings. The two Bermuda-based specialty insurers have fighting each other since April 14, when Endurance offered to buy Aspen for …

Business Moves

Marsh & McLennan, Capstone Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh LLC, has acquired Capstone Insurance Services LLC, a $1.8 million revenue agency located in Greenville, S.C. Terms of the transaction were not disclosed. Founded …

Mexico Broker AER Joins Brokerslink in Expansion Move

Independent insurance broker network Brokerslink announced that it has gained a new member in the key Monterrey corporate market in Mexico with the addition of broker AER as a member. Brokerslink’s bulletin described Monterrey as a “key corporate market in …

Poland’s PZU to Pay $498 Million for RSA’s Eastern European Units

PZU SA, central Europe’s largest insurer by market value, agreed to buy RSA Insurance Group Plc’s four units in the biggest foreign acquisition by a Polish financial company. PZU will pay a combined €360 million ($498 million) for Lietuvos Draudimas …

Kerr to Head New Allied World Canada Branch Office

Allied World Assurance Company Holdings, AG announced the opening of a branch office in Toronto, Ontario to further expand its North American insurance operations. Allied World appointed Gord Kerr as Senior Vice President, Chief Agent & Branch Manager for the …

Aspen Rejects Endurance’s $3.2B Hostile Acquisition Bid As ‘Ill-Conceived’

Bermuda-based Endurance Specialty Holdings Ltd. today offered to buy Aspen Insurance Holdings Limited, also based in Bermuda, for $3.2 billion, or $47.50 per Aspen share, in a hostile takeover. The combined company would have more than $5 billion of combined …

Business Moves

Arthur J. Gallagher Arthur J. Gallagher & Co. has acquired Spataro Insurance Agency Inc. of Burnt Hills, N.Y. Founded in 1932, Spataro Insurance Agency is a retail insurance broker providing property/casualty, risk management and personal lines insurance products and services …

Enstar and Stone Point Capital Complete Torus Acquisition

Enstar Group Limited and Stone Point Capital LLC announced the completion of the acquisition of global specialty insurer, Torus Insurance Holdings Limited, originally agreed to in July 2013. The announcement added that Torus has also appointed Patrick Tiernan as Executive …

Allied World Approved to Launch New Managing Agency at Lloyd’s

Allied World Assurance Company Holdings, AG announced that it has received approval from Lloyd’s, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to establish its own Lloyd’s managing agent, Allied World Managing Agency Limited, effective April 1, …

QBE Agreement Provides Additional Capacity to Shariah Compliant Cobalt

Business insurance specialist, QBE announced from London that it has “become the second major re/insurer to provide capacity to the world’s first Shariah-compliant MGA, Cobalt Underwriting. “The agreement will allow Cobalt Underwriting to now offer clients $50 million of casualty …

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