Insurance Journal » Business Moves & Mergers http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 17 Apr 2015 20:01:18 +0000 en-US hourly 1 http://wordpress.org/?v=4.1.1 MTM Insurance Associates Acquires Minichiello Insurance in Massachusetts http://www.insurancejournal.com/news/east/2015/04/17/364872.htm Fri, 17 Apr 2015 20:01:18 +0000 http://www.insurancejournal.com/?p=364872 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 …

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Aspen Insurance, Starr Companies to Form Joint Europe Property Venture http://www.insurancejournal.com/news/international/2015/04/17/364852.htm Fri, 17 Apr 2015 15:39:05 +0000 http://www.insurancejournal.com/?p=364852 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 …

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Arthur J. Gallagher Acquires Madison Risk & Insurance Services in California http://www.insurancejournal.com/news/west/2015/04/17/364850.htm Fri, 17 Apr 2015 15:24:40 +0000 http://www.insurancejournal.com/?p=364850 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 …

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Global Alliance Founder Wins License to Operate Mozambique Insurer http://www.insurancejournal.com/news/international/2015/04/17/364823.htm Fri, 17 Apr 2015 13:01:38 +0000 http://www.insurancejournal.com/?p=364823 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 …

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EXOR Shuns Hedge Fund Strategy With $6.4 Billion Buyout Plan of PartnerRe http://www.insurancejournal.com/news/international/2015/04/17/364809.htm Fri, 17 Apr 2015 09:11:16 +0000 http://www.insurancejournal.com/?p=364809 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 …

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PartnerRe Investor Fund Describes Exor Bid as ‘Much Superior’ to Axis Deal http://www.insurancejournal.com/news/international/2015/04/17/364810.htm Fri, 17 Apr 2015 09:05:25 +0000 http://www.insurancejournal.com/?p=364810 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 …

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AIG Invests in Cybersecurity, Investigations Firm, K2 Intelligence http://www.insurancejournal.com/uncategorized/2015/04/16/364661.htm Thu, 16 Apr 2015 13:06:54 +0000 http://www.insurancejournal.com/?p=364661 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 …

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Ascension Acquires Belvedere Pacific in California http://www.insurancejournal.com/news/west/2015/04/15/364543.htm Wed, 15 Apr 2015 23:24:37 +0000 http://www.insurancejournal.com/?p=364543 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 …

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Fairfax Financial Agrees to Sell 30% Stake in Brit to Ontario Pension Fund http://www.insurancejournal.com/news/international/2015/04/15/364374.htm Wed, 15 Apr 2015 11:15:01 +0000 http://www.insurancejournal.com/?p=364374 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 …

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Update: Italy’s EXOR Offers $6.4 Billion for PartnerRe in Threat to AXIS Deal http://www.insurancejournal.com/news/international/2015/04/14/364293.htm Tue, 14 Apr 2015 17:45:36 +0000 http://www.insurancejournal.com/?p=364293 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, …

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Travelers to Buy Majority Interest in P&C Business of Brazil Joint Venture http://www.insurancejournal.com/news/international/2015/04/13/364103.htm Mon, 13 Apr 2015 12:31:49 +0000 http://www.insurancejournal.com/?p=364103 The Travelers Companies Inc. announced that it has agreed to acquire a majority interest in the property and casualty business of its J. Malucelli Participações em Seguros e Resseguros S.A. joint venture in Brazil. J. Malucelli commenced writing P&C business …

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Bryn Mawr Bank Acquires Robert J. McAllister Agency in Pennsylvania http://www.insurancejournal.com/news/east/2015/04/09/363880.htm Thu, 09 Apr 2015 22:24:19 +0000 http://www.insurancejournal.com/?p=363880 Bryn Mawr Bank Corp. in Bryn Mawr, Pennsylvania, announced its acquisition of Robert J. McAllister Agency Inc., an independent insurance agency in Rosemont, Pennsylvania. Terms of the transaction were not disclosed. Founded in 1962, Robert J. McAllister Agency provides insurance …

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Patriot National Acquires Hospitality Supportive Systems in Pennsylvania http://www.insurancejournal.com/news/east/2015/04/09/363830.htm Thu, 09 Apr 2015 16:58:14 +0000 http://www.insurancejournal.com/?p=363830 Fort Lauderdale, Florida-based workers’ compensation services provider Patriot National Inc. announced that it has acquired the assets of Hospitality Supportive Systems (HSS), a Springfield, Pennsylvania-based managing general agent and insurance program administrator to the hospitality industry, and the assets of …

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Hastings Weighs IPO as U.K. Car Insurer Gains Market Share http://www.insurancejournal.com/news/international/2015/04/09/363782.htm Thu, 09 Apr 2015 12:26:15 +0000 http://www.insurancejournal.com/?p=363782 Hastings Insurance Group increased its customer base by 20 percent in 2014, boosting profitability and setting the U.K. car insurer on track for a potential initial public offering this year. Hastings, which generates 90 percent of its business from price-comparison …

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AXA Strategic Ventures Invests in ‘Big Data’ Startup Company, Evercontact http://www.insurancejournal.com/news/international/2015/04/09/363777.htm Thu, 09 Apr 2015 12:12:10 +0000 http://www.insurancejournal.com/?p=363777 AXA Strategic Ventures* has made a $1 million investment in the French tech startup company Evercontact, a cloud service that extracts contact information in emails and shares and updates them automatically. With more than 100,000 users, Evercontact is the only …

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Beazley, Korean Re Form Partnership; Create Special Purpose Lloyd’s Syndicate http://www.insurancejournal.com/news/international/2015/04/09/363767.htm Thu, 09 Apr 2015 10:34:23 +0000 http://www.insurancejournal.com/?p=363767 Beazley and Korean Re announced a partnership to develop business together and to establish a special purpose syndicate at Lloyd’s, Syndicate 6050. Under the agreement, Syndicate 6050 will write a whole account quota share of Beazley Syndicates 623 and 2623 …

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Higginbotham Adds Homeowners Association Insurance Practice Group http://www.insurancejournal.com/news/southcentral/2015/04/08/363729.htm Wed, 08 Apr 2015 19:10:06 +0000 http://www.insurancejournal.com/?p=363729 A group of five commercial property/casualty insurance professionals led by broker Mark Conner has joined Higginbotham in Houston. The group specializes in homeowners association (HOA) insurance and loss control, serving hundreds of single family community associations in Texas. The group came from the Houston office of Willis of Texas Inc., …

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Hub International Acquires Assets of ‘N Compass Group in New Mexico http://www.insurancejournal.com/news/west/2015/04/08/363725.htm Wed, 08 Apr 2015 17:42:20 +0000 http://www.insurancejournal.com/?p=363725 Hub International Limited has acquired the assets of Las Cruces, New Mexico–based ‘N Compass Group Inc.. ‘N Compass provides employee benefits insurance and consulting services to the Las Cruces and El Paso areas of Southern New Mexico as well as …

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OneBeacon Explores Sale; China’s Fosun Interested: Sources http://www.insurancejournal.com/news/international/2015/04/08/363661.htm Wed, 08 Apr 2015 15:18:09 +0000 http://www.insurancejournal.com/?p=363661 OneBeacon Insurance Group Ltd., a specialty insurer controlled by White Mountains Insurance Group Ltd., is exploring a sale, according to people with knowledge of the matter. OneBeacon has drawn interest from companies including China’s Fosun International Ltd., said the people, who asked not …

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ANE Adds 2 New Jersey Agencies to Its Network http://www.insurancejournal.com/news/east/2015/04/08/363562.htm Wed, 08 Apr 2015 15:09:33 +0000 http://www.insurancejournal.com/?p=363562 ANE (Agency Network Exchange LLC), a network of independently owned and operated insurance agencies, has added two New Jersey agencies to its network: Glenn Insurance Inc. with offices in Absecon and Vineland; and Mile Square Insurance Agency of Hoboken. Founded …

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Willis Mexico Expands Footprint With Acquisition of Carsa Consultores http://www.insurancejournal.com/news/international/2015/04/08/363611.htm Wed, 08 Apr 2015 08:06:13 +0000 http://www.insurancejournal.com/?p=363611 Willis Group Holdings plc announced it has acquired Carsa Consultores, a leading broker in Mexico. The move strengthens and supports Willis Mexico’s existing business, while also expanding its overall footprint, especially in the northwest region of Mexico, creating a new …

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Crum & Forster Acquires Redwoods Group in North Carolina http://www.insurancejournal.com/news/southeast/2015/04/07/363514.htm Tue, 07 Apr 2015 16:38:33 +0000 http://www.insurancejournal.com/?p=363514 The Redwoods Group, a provider of insurance to YMCAs, Jewish community centers and residential and day camps, has agreed to a merger with specialty insurer Crum & Forster, part of Fairfax Financial Holdings Ltd. Terms of the deal were not …

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Hub International Acquires The Flood Group in New York http://www.insurancejournal.com/news/east/2015/04/07/363494.htm Tue, 07 Apr 2015 16:15:05 +0000 http://www.insurancejournal.com/?p=363494 Hub International Limited announced that its subsidiary Hub International Northeast Limited has acquired the assets of The Flood Group LLC and its affiliate, The Flood Group of Long Island Inc., a Floral Park, New York-based property/casualty brokerage servicing the Tri-state …

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Hub International Acquires Assets of Canada’s Cortex Financial http://www.insurancejournal.com/news/international/2015/04/07/363476.htm Tue, 07 Apr 2015 10:07:45 +0000 http://www.insurancejournal.com/?p=363476 Hub International Limited announced that its subsidiary Hub Financial Inc. has acquired the assets of Cortex Financial, a Thornhill, Ontario-based managing general agency. Hub said the acquisition broadens its “footprint in Canada and its reach to financial advisors and insurance …

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NFP Acquires North Carolina-Based Trinity Consulting http://www.insurancejournal.com/news/southeast/2015/04/07/363454.htm Tue, 07 Apr 2015 04:29:00 +0000 http://www.insurancejournal.com/?p=363454 Insurance broker and consultant NFP has expanded its P&C capabilities and added to its employee benefits operation by acquiring Trinity Consulting. The transaction closed on March 3, 2015. A large risk management and regional employee benefits firm based in Charlotte, …

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Hardenbergh Insurance Group Acquires Meyer Insurance in New Jersey http://www.insurancejournal.com/news/east/2015/04/06/363346.htm Mon, 06 Apr 2015 16:35:32 +0000 http://www.insurancejournal.com/?p=363346 Hardenbergh Insurance Group, an independent insurance agency based in Marlton, New Jersey, announced its acquisition of Meyer Insurance Agency, an independent agency in Medford, New Jersey. Terms of the transaction were not disclosed. Established in 1957, Meyer Insurance Agency provides …

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Hub International Acquires Two Canadian Home Warranty Providers http://www.insurancejournal.com/news/international/2015/04/06/363312.htm Mon, 06 Apr 2015 09:33:05 +0000 http://www.insurancejournal.com/?p=363312 Chicago-based Hub International Limited announced that it has acquired Progressive Home Warranty, based in Edmonton, Alberta, and Pacific Home Warranty, based in Surrey, British Columbia. The two companies provide home warranty insurance programs for construction home builders and homeowners, and …

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Nasburg and Huggins in Oregon Merge and Affiliate with Leavitt Group http://www.insurancejournal.com/news/west/2015/04/02/363209.htm Thu, 02 Apr 2015 15:32:20 +0000 http://www.insurancejournal.com/?p=363209 Nasburg & Company Insurance and Huggins Insurance, both based in Coos Bay, Ore., have merged to become Nasburg Huggins Insurance, and at the same time have entered into an affiliation with Leavitt Group. The announcement comes from the agencies’ principals, …

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CRC Insurance Services to Acquire Strategic Assets of NAPCO in New Jersey http://www.insurancejournal.com/news/east/2015/04/02/363198.htm Thu, 02 Apr 2015 15:29:14 +0000 http://www.insurancejournal.com/?p=363198 CRC Insurance Services Inc., a wholesale insurance subsidiary of BB&T Corporation’s principal subsidiary Branch Banking and Trust Company, announced an agreement to acquire strategic assets of NAPCO, LLC. Terms of the transaction were not disclosed. Founded in 1996, NAPCO is …

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Confie Seguros Acquires 3 East Coast Brokerages http://www.insurancejournal.com/news/national/2015/04/02/362935.htm Thu, 02 Apr 2015 13:11:37 +0000 http://www.insurancejournal.com/?p=362935 Confie Seguros, a national provider of personal lines insurance based in Huntington Beach, California, announced that it has acquired three East Coast insurance brokerages. Confie Seguros acquired the assets of Your Insurance Spot Inc. based in Kissimmee, Florida, which was …

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