Business Moves & Mergers News

PartnerRe Board Slammed by Activist Hedge Fund for Rejecting EXOR Bid

Sandell Asset Management Corp., the activist hedge-fund firm run by Tom Sandell, said PartnerRe Ltd. directors hurt shareholders by pushing a merger with AXIS Capital Holdings Ltd. rather than talks with a hostile bidder. “We will not hesitate to exercise the rights …

Keystone Takes on Two New Missouri Partners

Keystone Insurers Group welcomed Springfield, Mo.-based agency Barker Phillips Jackson as its second franchise partner in the state and Winter-Dent & Company of Jefferson City as its third. Earlier in the week Keystone announced its first franchise partner in Missouri. …

Arthur J. Gallagher Acquires James R. Weir in Minnesota

Arthur J. Gallagher & Co. has acquired James R. Weir Insurance Agency Inc. in Mankato, Minn. Terms of the deal were not disclosed. Jay Weir, Michael Donohoe and their associates will continue to operate from their current location under the …

PartnerRe Shareholders to Decide on AXIS Bid; Board Rejects EXOR Offer

PartnerRe Ltd. said in a statement on Friday that its suitor EXOR has rejected any negotiations to raise its $6.8 billion hostile offer. As a result, the Bermuda-based PartnerRe said it will ask shareholders to vote on the planned merger with …

Montpelier Re to Hold Special Shareholders’ Meeting on Endurance Acquisition

Bermuda-based Montpelier Re Holdings Ltd announced that it has scheduled a special general meeting of its shareholders to “consider and vote upon a proposal to approve the previously announced Agreement and Plan of Merger,” dated March 31, 2015. Shareholders will …

AXA to Acquire Large Commercial Risks Subsidiary of SulAmérica

AXA announced it has entered into an agreement with SulAmérica SA to acquire 100 percent of its large industrial and commercial risks insurance subsidiary, SulAmérica Companhia de Seguros Gerais, for 135 million Brazilian real ($44.7 million ). The subsidiary handles …

EXOR Refuses to Sweeten $6.8 Billion Offer to Acquire PartnerRe

EXOR SpA, the investment vehicle of Italy’s Agnelli family, reiterated that it won’t sweeten a $6.8 billion offer to buy PartnerRe Ltd. as the reinsurer demands a higher price to abandon a merger deal with AXIS Capital Holdings Ltd. EXOR …

NFP Acquires Horenberg Insurance Services in Maryland

NFP, a New York City-based provider of employee benefits, property/casualty insurance, retirement and wealth management services, announced it has acquired Horenberg Insurance Services Inc., an independent agency in Burtonsville, Maryland. Terms of the transaction were not disclosed. NFP said the …

Ascot, Chaucer & Skuld Form Underwriting Consortium for Renewable Energy

Ascot Underwriting Ltd. has formed Renewco Consortium (ReCo), a dedicated and independent underwriting platform for the renewable energy industry. The Lloyd’s consortium is jointly led by Ascot and Chaucer and managed by Ascot; Skuld is the third consortium partner. With …

Brokerslink Signs Partnership Pact with African Insurer Saham Finances

Independent broker network Brokerslink has signed a three year strategic partnership agreement with pan-African insurance group, Saham Finances. The bulletin said the agreement one of the biggest pan-African insurance groups (outside of South Africa) with a turnover of more than …