Business Moves & Mergers News

MTM Insurance Associates Acquires Minichiello Insurance in Massachusetts

MTM Insurance Associates, an independent insurance agency based in North Andover, Massachusetts, announced its acquisition of Minichiello Insurance Agency, an independent agency in Bradford, Massachusetts. Terms of the transaction were not disclosed. Following the transaction, Minichiello Insurance Agency will operate …

Aspen Insurance, Starr Companies to Form Joint Europe Property Venture

Bermuda-based Aspen Insurance, the insurance segment of Aspen Insurance Holdings Limited, and Starr Companies announced that they have “signed a memorandum of understanding under which both parties will enter into a joint underwriting initiative to write international property insurance, with …

Arthur J. Gallagher Acquires Madison Risk & Insurance Services in California

Arthur J. Gallagher & Co. has acquired Madison Risk & Insurance Services in Huntington Beach, Calif. Terms of the deal were not disclosed. Madison is a retail insurance broker providing property/casualty and risk management insurance and consulting services exclusively for …

Global Alliance Founder Wins License to Operate Mozambique Insurer

The Mozambican unit of a company set up by Global Alliance Group founder Robert Lewis has won a license to become the southern African nation’s 17th insurer. ICE Seguros, part of London-based International Commercial & Engineering Holdings, will provide insurance services …

EXOR Shuns Hedge Fund Strategy With $6.4 Billion Buyout Plan of PartnerRe

The Agnelli family’s EXOR SpA, known for investments in cars and soccer, is dismissing the prevailing reinsurance strategies as it seeks to push into the industry with a $6.4 billion takeover. EXOR is shunning the idea that it should take …

PartnerRe Investor Fund Describes Exor Bid as ‘Much Superior’ to Axis Deal

PartnerRe Ltd.’s second-biggest shareholder, Franklin Mutual Advisers LLC (FMA), said Exor SpA’s offer for the Bermuda-based reinsurer was “much superior” to a deal with Axis Capital Holdings Ltd that was already on the table. FMA’s CEO Peter Langerman said his …

AIG Invests in Cybersecurity, Investigations Firm, K2 Intelligence

American International Group Inc. as acquired a minority stake in K2 Intelligence, an corporate investigations firm. The companies said they have agreed to co-develop products and services to help AIG’s customers mitigate cyber risk and to explore opportunities in other …

Ascension Acquires Belvedere Pacific in California

Ascension Insurance Inc. has acquired Belvedere Pacific Insurance Services in Corte Madera, Calif. Belvedere Pacific is a full-service employee benefits and insurance brokerage. Belvedere Pacific Principal Michael Stallone joins the Ascension Western region benefits team as senior vice president. Walnut Creek, Calif.-based Ascension …

Fairfax Financial Agrees to Sell 30% Stake in Brit to Ontario Pension Fund

Fairfax Financial Holdings Ltd. will sell as much as 30 percent of Brit plc to the Ontario Municipal Employees Retirement System two months after agreeing to buy the Lloyd’s of London insurer for $1.88 billion. Fairfax said Wednesday it reached an …

Update: Italy’s EXOR Offers $6.4 Billion for PartnerRe in Threat to AXIS Deal

Italy’s billionaire Agnelli family, with a $6.4 billion unsolicited bid for PartnerRe Ltd., is seeking to thwart its target’s planned merger with AXIS Capital Holdings Ltd. EXOR SpA, the Turin-based investment company controlled by the family, offered $130 a share in cash, …