Business Moves & Mergers News

Old Mutual Spends More Than Half of Africa War Chest on UAP Stake in Kenya

Old Mutual plc, which earmarked 4.3 billion rand ($374 million) for acquisitions in Africa, increased its stake in Kenya’s UAP Holdings Ltd., meaning that the insurer has now spent more than half of that war chest. Old Mutual, which is …

Axis to Merge with PartnerRe to Create $11 Billion Reinsurer

Axis Capital Holdings Ltd. agreed to merge with PartnerRe Ltd., combining two Bermuda-based reinsurers with a total market value of almost $11 billion amid accelerating consolidation in the industry. PartnerRe shareholders will own 51.6 percent of the new company after …

So. Africa’s Liberty May Complete Nigerian Insurance Deal by End of January

Liberty Holdings Ltd., the South African insurer controlled by Standard Bank Group Ltd., said it may conclude a deal in Nigeria by the end of January. “We have an opportunity we hope to conclude at the end of the month,” …

Willis to Acquire Majority Stake in Miller in Ship-Insurance Wager

Willis Group Holdings Plc, the third-largest insurance broker by market value, has agreed to take a majority stake in Miller Insurance Services LLP to add shipping clients. Willis will take an 85 percent stake, and partners of Miller will retain …

Third Point Re Picks Short Hills, N.J., as U.S. Subsidiary Location

Third Point Reinsurance Ltd., the Bermuda-based company co-founded by hedge-fund manager Dan Loeb, has picked Short Hills, New Jersey, as the location for a new U.S. subsidiary. Shane Haverstick, senior vice president of operations, said he’s moving to the new …

NFP Acquires Michelsen Benefits in North Carolina

New York-based insurance brokerage and consultant NFP has expanded its corporate benefits practice with the acquisition of Charlotte, N.C.-based Michelsen Benefits Group Inc., or The Michelsen Group (TMG). The transaction closed November 1, 2014. TMG specializes in consulting services to …

AssuredPartners Acquires Omni Risk Management, Omni Benefits in N.Y.

AssuredPartners Inc. has acquired Omni Risk Management and Omni Benefits in Smithtown, New York. The firm specializes in coverage for commercial insurance with a specialty in construction coverage, surety bonding, personal insurance, as well as life and health insurance products. …

Associated Banc-Corp to Acquire Ahmann & Martin in Minnesota

Associated Banc-Corp (Associated) announced it has entered into an agreement to acquire Ahmann & Martin Co., a risk and benefits consulting firm in Minnesota, through Associated’s subsidiary, Associated Financial Group. The transaction is expected to close in February. Associated Financial Group …

Florida’s Gardner Group Merges with Hylant

Hylant, one of the largest privately-owned insurance brokers in the nation, said that The Gardner Group, an independent employee benefits agency based in Neptune Beach, Fla., will be merging into its Jacksonville operations. The newly-merged operation will led by industry …

Aon Benfield Acquires Portfolio of Swiss Specialist Broker Sipex

Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, announced that it has acquired the entire portfolio of in-force business of Sipex Insurance and Reinsurance Brokers SA, an insurance and reinsurance broker based in Switzerland, which specializes …