Business Moves & Mergers News

Generali Expands U.S. Operations with Chicago, San Francisco Offices

Generali is expanding its U.S. global corporate and commercial operations with the opening of offices in Chicago and San Francisco in a bid to grab more business from U.S. multinational companies. The Italian insurer’s growth comes through its Generali Global …

Vertafore Acquires Analytics Firm RiskMatch

Insurance technology firm Vertafore said it has acquired RiskMatch, a Connecticut-based business intelligence and analytics company that provides portfolio management and placement services to insurance brokers and carriers. Founded in 2013, RiskMatch delivers web-based services, analytics, internal and external benchmarking capabilities, …

Motorists Mutual, BrickStreet Mutual Finalize Joint Venture

Ohio-based property/casualty insurer Motorists Mutual Insurance Co. and West Virginia-based workers’ compensation insurer BrickStreet Mutual Insurance Co. Inc., have been granted regulatory approvals to affiliate through a joint venture. This affiliation has created a new super regional carrier ranked in …

UK’s Aviva Buys Remaining 50% Share in Vietnam Joint Venture

Aviva plc has acquired VietinBank’s entire 50 percent shareholding in its life insurance joint venture VietinBank Aviva Life Insurance Ltd. Aviva also has signed a new distribution agreement with VietinBank to sell life and health insurance products through VietinBank’s network …

Hamilton Re to Buy Canopius’ Excess Casualty Renewal Rights

Hamilton Re, the Bermuda-based platform of Hamilton Insurance Group, announced it has agreed to acquire the renewal rights to Canopius Underwriting Bermuda Ltd.’s excess casualty insurance book of business. The transaction is expected to close mid-year. In addition, Sompo Canopius …

At Least 2 Bidders Interested in IDB Unit, Tel-Aviv-Based Clal Insurance

Eduardo Elsztain, the Argentine real estate developer who controls Israeli conglomerate IDB Development Corp., said he has at least two bidders for the company’s insurance unit, Clal Insurance Enterprises Holdings Ltd. Elsztain is fighting a sale of the company in …

Houston’s Platform Partners Acquires Voluntary Benefits Firm, Beneplace

Platform Partners LLC (Platform), a private company headquartered in Houston, has completed the acquisition of Beneplace LLC (Beneplace), markets and distributes voluntary employee benefits and employee discount programs serving Fortune 1000 companies, large associations and government agencies. Founded in 1995, Austin-based Beneplace …

Iowa’s Grinnell Mutual Launches National Reinsurance Unit

Grinnell Re, a division of Grinnell, Iowa-based Grinnell Mutual, has launched a new team, National Reinsurance. Rick Tjarks, assistant vice president, and Randy Dammeyer, senior account executive, have been chosen to lead the new National Reinsurance team. The newly formed …

Warburg Seeks to Buy Minority Stake in India’s ICICI Lombard from Fairfax

Warburg Pincus is the frontrunner to acquire a minority stake in Indian insurer ICICI Lombard General Insurance Co. from Prem Watsa’s Fairfax Financial Holdings Ltd., according to people familiar with the matter. Toronto-based Fairfax, which owns 35 percent of ICICI …

Specialty Brokers AmWINS and Partners Specialty Group to Merge

Specialty insurance brokerages AmWINS Group Inc. and Partners Specialty Group LLC  have agreed to merge. Partners will become part of the AmWINS Brokerage Division, bringing an expanded geographic presence that complements the existing AmWINS platform. The combined firm will place …