Business Moves & Mergers News

Planned Sale of Israel’s Phoenix Holdings to China’s Yango Is Scrapped

Israeli energy conglomerate Delek said its planned sale of a controlling stake in Israeli insurer Phoenix Holdings to China’s Fujian Yango Group has been called off by both sides after it failed to secure regulatory approval. It did not give …

Allianz Sells Private Bank OLB to Private Equity Firm Apollo for $336M

German insurer Allianz said it had agreed to sell its 90 percent stake in private bank Oldenburgische Landesbank (OLB) to U.S. private equity firm Apollo for 300 million euros ($336 million). Apollo, which is consolidating the northern German banking market …

Former Flatiron, Cantor Fitzgerald Execs Launch Premium Financing Firm

Denver-based National Partners, a new premium finance company, said that it will open for business and begin processing loans on July 2. Since its formation in July 2016, NP has been building out its software system and securing the state …

United Valley Adds 2 Members in Southern California

United Valley has added Goodwin Insurance Agency Inc. of Redlands, Calif. and RBP Insurance Services Inc. of Valencia, Calif. to its network. Goodwin Insurance, which was founded in 2004 by agency owners Glenn Goodwin, Nick Goodwin and Holly Grimm, provides …

Randall & Quilter to Sell Lloyd’s Agency to Medical Liability Insurer Coverys

Randall & Quilter Investment Holdings Ltd. announced it has reached agreement to sell the entire share capital of its Lloyd’s managing agency, R&Q Managing Agency Ltd. (RQMA), to Coverys, a provider of medical professional liability insurance based in Boston, Mass. …

Insurtech Startup Buys MGA in California with Product for Agents in Mind

Insurtech startup Bridger has purchased Pleasanton, Calif.-based SCJ Insurance Services in a step toward launching what the firm contends will be “simpler, cheaper, and easier-to-manage automotive insurance.” Bridger CEO Kimo Winterbottom talked about the acquisition with Insurance Journal on Thursday …

Confie Completes Two Acquisitions in New York

Confie, a national provider of personal and commercial lines insurance, has completed two acquisitions in New York. In the Bronx, N.Y., area, Confie acquired Tremont Spirit Insurance Inc. Tremont is a provider of non-standard auto insurance. This acquisition serves to …

Bitcoin Startup, Blockchain, Raises $40M in New Funding from Heavy Hitters

Blockchain, the London-based bitcoin currency service provider, has raised $40 million of fresh funding, representing one of the largest investment rounds in the financial technology sector since Britain’s vote to leave the European Union. New investors in the company, which …

The Hanover & Chaucer Launch Dublin-Based International Specialty Insurer

The Hanover Insurance Group, Inc. and its subsidiary, Chaucer, announced that they will form a Dublin-based company, Chaucer Insurance Co. DAC (Chaucer Dublin), to write international specialty insurance business. The Central Bank of Ireland has approved the new venture. “Chaucer Dublin will provide us …

Insurance Office of America Acquires Assets of Slaton Risk Services in South Florida

Insurance Office of America (IOA) has purchased the Employee Benefits Practice, Major Accounts Group, and captive and alternative risk financing units of Slaton Risk Services, based in West Palm Beach, Fla. These assets, including all staff, will establish a new …