business moves and mergers News

Towergate Creditors Seeking Takeover With $1 Billion Debt Swap

Towergate Finance Plc’s creditors are offering to cancel 715 million pounds ($1 billion) of debt in exchange for control of Europe’s largest insurance broker. The company’s senior secured creditors also propose writing off the accrued interest, according to a statement from Moelis …

Proposed XL Acquisition of Catlin Gets Review From Rating Agencies

A.M. Best and Standard & Poor’s have weighed in with their comments about XL Group’s announced agreement to acquire Catlin Group Ltd. for $4.1 billion in cash and stock. A.M. Best placed the financial strength rating of XL Group and …

XL to Write Nearly 10th of Lloyd’s Business After Catlin Deal

XL Group Plc said it would buy underwriter Catlin Group Ltd. for about 2.79 billion pounds ($4.22 billion), increasing the Dublin-based insurer’s share of business written in the Lloyd’s of London market to nearly 10 percent. The deal is the …

XL’s McGavick: Hedge Funds Grow in Sophistication in Insurance Arena

Investors such as hedge funds and pensions are becoming more sophisticated as they partner with insurers, XL Group Plc Chief Executive Officer Mike McGavick said. In the past, capital-markets partners would “pat you on the head and they’d say, ‘You …

PartnerRe Establishes PartnerRe Asia

Partner Reinsurance Asia Pte. Ltd., a wholly owned subsidiary of PartnerRe Ltd., has been licensed by the Monetary Authority of Singapore to operate as a non-life and life reinsurer, capitalized in Singapore, according to an announcement from PartnerRe. As of April …

Marsh Agency Acquires North Carolina’s Benefit Planning Group

Marsh & McLennan Agency has acquired The Benefit Planning Group Inc., a Durham, North Carolina-based employee benefit consulting firm. Terms of the transaction were not disclosed. Founded in 1991, The Benefit Planning Group (BPG) specializes in employee benefits and insurance …

Allied World Commences In-House Trade Credit Insurance Platform

Allied World Assurance Company Holdings AG announced the commencement of its in-house trade credit and political risk insurance platform with the completion of its previously announced acquisition of its former program administrator, Latin American Underwriters Holdings Ltd. LAU has underwritten …

Marsh Acquires Trade Insure NV in Belgium

Marsh, a global leader in insurance broking and risk management, announced it has acquired Trade Insure NV, a distributor of credit insurance policies in Belgium. Terms of the transaction were not disclosed. Founded in 1990 and based in Aalst, Belgium, …

Canada’s Cowan Insurance Group Acquires The Williamson Group

Cowan Insurance Group, a Canadian insurance brokerage and consulting operation, has acquired The Williamson Group, a financial services company focused on providing employer sponsored benefits, pensions and disability management programs, as well as individual financial services. Terms of the acquisition …

D.E. Shaw-Backed James River Seen as Takeover Target After IPO

James River Group Holdings Ltd. could be a takeover target after hedge fund firm D.E. Shaw took the insurer public, according to an analyst at BMO Capital Markets. The insurer will probably post increases in premium revenue because of its …