business moves and mergers News

Allied World Syndicate to Offer Insurance, Facultative Cover in Latin America

Allied World’s Lloyd’s Syndicate 2232 has received approval to commence underwriting direct insurance and facultative reinsurance business for Latin America and the Caribbean. Paul Manguson, senior vice president, underwriting, and Paul Obolensky, senior vice president, business development, will build out …

Catlin Says XL Group Made $3.9 Billion Takeover Bid; Talks Are Ongoing

Catlin Group Ltd. said it received a takeover approach from Ireland’s XL Group plc valued at about 2.5 billion pounds ($3.9 billion). The shares surged the most on record. Under the terms, XL would buy Catlin for 410 pence in …

Cooper Gay Uruguay Launched; Ferrari Appointed Managing Director

Cooper Gay Swett & Crawford (CGSC), the reinsurance, wholesale and specialty broker, has launched Cooper Gay Uruguay as part of its strategic expansion in Latin America. Based in Montevideo, the team will focus on placing both facultative and treaty reinsurance …

XL Group Launches Crime Insurance Unit; Bangs Named Chief Underwriting Offer

To help address businesses’ and financial institutions’ crime concerns, including embezzlement, fraud, and bribery, XL Group is launching a global crime business, under the leadership of Gregory W. Bangs who joins the company as chief underwriting officer of Crime Underwriting. Based …

Travelers to Buy Majority Stake in Colombian Insurance Startup

Travelers Cos., the lone property- casualty insurer in the Dow Jones Industrial Average, agreed with a partner to buy a majority stake in a startup surety provider based in Colombia. The joint venture with Brazil’s J. Malucelli Participacoes em Seguros …

Berkshire Hathaway Specialty Insurance Enters Singapore, Names Key Leaders

Berkshire Hathaway Specialty Insurance (BHSI) announced that it has received its non-life insurance license in Singapore, and named Marc Breuil as regional president, Marcus Portbury as head of third party lines, and Peter McKenna as head of energy and construction …

Hub International Acquires Canada-Based MGA Partners

Hub International Limited, a global insurance brokerage, announced that its subsidiary Hub Financial Inc. has acquired the shares of MGA Partners Inc., an Ontario Canada-based managing general agency. Terms of the acquisition were not disclosed. The acquisition broadens Hub’s footprint …

UK’s Aviva Agrees to Acquire Friends Life for $8.8 Billion in Shares

Aviva plc, Britain’s second-largest insurer by market value, agreed to buy Friends Life Group Ltd. for about 5.6 billion pounds ($8.8 billion) in stock in the U.K. insurance industry’s biggest takeover in 15 years. Aviva, which last month disclosed it was …

Arch Reinsurance to Provide Additional Strategic Support for Gulf Re

Arch Reinsurance Ltd. has announced a number of strategic initiatives to provide additional support to Gulf Reinsurance Ltd., a specialty reinsurer based in the Dubai International Financial Centre, founded jointly by Arch and Gulf Investment Corporation (GIC) in 2008. Arch …

Catlin Group Interim Report Shows 11% Hike in Gross Premiums Written

Catlin Group Limited, the Bermuda-based specialty property & casualty insurer and reinsurer, has issued its interim management statement for the nine-month period ended September 30, 2014, which shows premiums reported and not financial results. The interim statement includes the following …