Business Moves & Mergers News

Travelers & Novae Join Lloyd’s Construction Consortium; Capacity Rises to $320M

Two insurers, Travelers and Novae, have joined the Construction Consortium at Lloyd’s to offer greatly increased underwriting capacity for the largest construction risks in the world across all major onshore construction and engineering risk categories. The consortium was launched in …

Towergate Launches Specialty London Markets U/W Division; 2 DUAL Execs Hired

Towergate Underwriting has formed a Specialty London Markets underwriting division, by hiring two market leading talents in this important and undeveloped specialist opportunity for the group. John Murphy and Glenn Marshall will join upon leaving DUAL, an international underwriting agency, …

Indiana Department of Insurance Approves Anthem’s Cigna Acquisition

The health insurer Anthem Inc. announced it has received approval from Indiana Department of Insurance Commissioner Stephen W. Robertson for the acquisition of Cigna HealthCare of Indiana Inc., a subsidiary of Cigna Corp. On July 23, 2015 Anthem and Cigna …

Global Risk Partners Completes Acquisition of LONMAR

Global Risk Partners Ltd., the insurance broking and managing general agency (MGA) investment vehicle, has completed its backing of the management buyout of LONMAR Global Risks, the London-based specialist Lloyd’s broker. Originally announced last month, the transaction was subject to regulatory …

Dutch Insurer NN Group Plans to Buy Back Shares Worth $559 Million

NN Group NV, the second-biggest Dutch insurer, said it will buy back as much as 500 million euros ($559 million) of shares over the 12 months from June as it returns excess capital to investors. First-quarter operating profit was little …

PartnerRe Reshapes $16B Investment Portfolio Under Elkann/EXOR’s Leadership

PartnerRe exited junk bonds and shifted funds into property as the reinsurer reshaped a $16 billion investment portfolio after being acquired by John Elkann’s EXOR SpA. EXOR’s approach is to focus on holdings that “we know and understand very well,” …

Risk Strategies Acquires John Buttine Inc. in New York City

Risk Strategies Company announced Tuesday that it has acquired John Buttine Inc., an insurance brokerage in New York City with a specialty focus on media-related businesses and services. Terms of the transaction were not disclosed. Established in 1946, John Buttine …

Aegon, Transamerica Owner, Sells $4.4B UK Annuity Portfolio to Legal & General

Aegon NV, the Dutch owner of U.S. insurer Transamerica Corp., divested the final 3 billion pounds ($4.4 billion) of annuities from its U.K. portfolio to Legal & General Group Plc. The transaction, which covers 27,000 policyholders, will release another 275 …

AXA to Stop Investing in Tobacco, Divesting $2B of Assets in that Industry

AXA SA, France’s largest insurer, said it will stop investing in tobacco and divest all of its 1.8 billion euros ($2 billion) of assets in the industry. AXA will sell about 200 million euros of stock in tobacco companies and run …

Digital Benefit Advisors Acquires Minnesota’s Corporate Health Systems

Digital Benefit Advisors (DBA) a national employee benefits firm, has acquired Corporate Health Systems of Eden Prairie, Minn., expanding its footprint in the Minneapolis/St. Paul area. Corporate Health Systems’ executives, Mick Hawton and Al Hofstede, along with their 42-member benefits …