Insurance Journal » Business Moves & Mergers http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Sun, 29 Mar 2015 04:28:11 +0000 en-US hourly 1 http://wordpress.org/?v=4.1.1 Humana to Exit Workers’ Compensation with Sale of Concentra http://www.insurancejournal.com/news/national/2015/03/27/362338.htm Fri, 27 Mar 2015 12:26:38 +0000 http://www.insurancejournal.com/?p=362338 Humana Inc. has agreed to sell the stock of its subsidiary Concentra Inc., one of the largest occupational health services providers. The buyer will be MJ Acquisition Corp., a joint venture between Select Medical Holdings Corp., an operator of specialty …

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IRB Brasil RE Seeks to More Aggressive Growth in Latam, Africa; Weighs IPO http://www.insurancejournal.com/news/international/2015/03/24/361817.htm Tue, 24 Mar 2015 07:07:39 +0000 http://www.insurancejournal.com/?p=361817 IRB Brasil RE plans to grow more aggressively in Latin America and Africa as part of an expansion that may require Brazil’s largest reinsurer to seek an initial public offering or tap an outside partner before 2018, Chief Executive Officer …

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Brown & Brown Acquires Assets of Spain Agency in New York http://www.insurancejournal.com/news/east/2015/03/23/361777.htm Mon, 23 Mar 2015 20:19:53 +0000 http://www.insurancejournal.com/?p=361777 Brown & Brown Inc. announced today that its subsidiary Brown & Brown of New York Inc. has acquired certain assets of Spain Agency Inc., an independent agency based in Mahopac, New York. Terms of the transaction were not disclosed. Founded …

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Cross Insurance Acquires Corcoran & Havlin Insurance in Massachusetts http://www.insurancejournal.com/news/east/2015/03/23/361739.htm Mon, 23 Mar 2015 16:53:16 +0000 http://www.insurancejournal.com/?p=361739 Cross Insurance, an independent insurance agency headquartered in Bangor, Maine, announced today it has purchased Corcoran & Havlin Insurance Group, an independent agency in Wellesley, Massachusetts. Terms of the transaction were not disclosed. Corcoran & Havlin’s owners, Jack Keefe and …

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Wall Street Journal: Collapse of Southport Lane’s Insurance Empire http://www.insurancejournal.com/news/national/2015/03/23/361674.htm Mon, 23 Mar 2015 14:25:53 +0000 http://www.insurancejournal.com/?p=361674 An insurance empire that included two insurance carriers, two offshore reinsurers, several buildings and other insurers’ investments was built by a private equity firm in part on questionable assets and is now being dismantled, according to the Wall Street Journal. …

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ACE, Blackrock Seek Up to $1.3 Billion for Bermuda Reinsurance Venture http://www.insurancejournal.com/news/international/2015/03/20/361470.htm Fri, 20 Mar 2015 19:00:50 +0000 http://www.insurancejournal.com/?p=361470 BlackRock Inc., the world’s largest money manager, and Evan Greenberg’s ACE Ltd. are forming a reinsurance venture that is seeking to raise $800 million to $1.3 billion. The business is named ABR Reinsurance Capital Holdings Ltd. and is based in …

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Domenick & Co. Acquires Human Services Co. in Baltimore http://www.insurancejournal.com/news/east/2015/03/19/361274.htm Thu, 19 Mar 2015 17:56:59 +0000 http://www.insurancejournal.com/?p=361274 Domenick & Company, a Philadelphia-based independent agency specializing in providing property/casualty insurance and risk management services to the nonprofit sector, announced it has acquired the assets of Human Services Company, an independent agency in Baltimore that also caters to the …

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Beacon Pointe Acquires Albert Heeg in California http://www.insurancejournal.com/news/west/2015/03/19/361280.htm Thu, 19 Mar 2015 17:48:10 +0000 http://www.insurancejournal.com/?p=361280 Newport Beach, Calif.-based Beacon Pointe Advisors has acquired Albert Heeg Investment Management Co. Alameda, Calif.-based Albert Heeg joins Beacon Pointe’s institutional consulting services group, which specializes in consulting institutional clients, including foundations and endowments, healthcare organizations, educational and religious institutions, …

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Chicago-Based Alper Services Partners with Germany’s unisonBrokers http://www.insurancejournal.com/news/midwest/2015/03/19/361225.htm Thu, 19 Mar 2015 16:03:32 +0000 http://www.insurancejournal.com/?p=361225 Alper Services LLC, an independent insurance brokerage in Chicago, Ill., announced it recently signed an agreement with unisonBrokers, a global broker network with multinational insurance and risk management services, who partners with select growth-oriented regional brokers. The agreement allows Alper …

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MetLife Circles Back to Landmark NYC Tower It Mostly Left http://www.insurancejournal.com/news/east/2015/03/19/361204.htm Thu, 19 Mar 2015 14:58:00 +0000 http://www.insurancejournal.com/?p=361204 It took almost a decade and a half for MetLife Inc. to determine that Manhattan’s MetLife Building was where it belonged. The biggest U.S. life insurer said Wednesday it will consolidate its New York operations into 200 Park Ave., which …

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China’s Fosun and Ping An Insurance Vying to Buy $1.6 Billion Berlin Complex http://www.insurancejournal.com/news/international/2015/03/19/361182.htm Thu, 19 Mar 2015 09:23:30 +0000 http://www.insurancejournal.com/?p=361182 Fosun International Ltd., backed by Chinese billionaire Guo Guangchang, is vying with Ping An Insurance (Group) Co. to acquire 18 buildings on Berlin’s Potsdamer Platz square, people with knowledge of the matter said. Fosun and Ping An, China’s second-largest insurer, have been …

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Kaplansky Insurance Acquires North State Insurance in Massachusetts http://www.insurancejournal.com/news/east/2015/03/18/360938.htm Wed, 18 Mar 2015 16:24:40 +0000 http://www.insurancejournal.com/?p=360938 Kaplansky Insurance Agency, an independent agency headquartered in Needham, Massachusetts, recently announced that it has acquired North State Insurance Agency of Chelmsford, Massachusetts. Terms of the transaction were not disclosed. North State Insurance Agency has been providing insurance services to …

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AmTrust to Acquire ARI Mutual Insurance in Pennsylvania http://www.insurancejournal.com/news/east/2015/03/18/360937.htm Wed, 18 Mar 2015 16:11:07 +0000 http://www.insurancejournal.com/?p=360937 AmTrust Financial Services Inc. announced today that it has entered into a definitive agreement, pending regulatory and policyholder approval, to acquire ARI Mutual Insurance Company in Newtown, Pennsylvania, following the completion of the conversion of ARI to a stock company …

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P/C Insurance M&As: Deal Value Up, More to Come http://www.insurancejournal.com/news/national/2015/03/17/360794.htm Tue, 17 Mar 2015 13:47:10 +0000 http://www.insurancejournal.com/?p=360794 Merger and acquisition activity in the property/casualty industry is increasing in deal value and will likely expand from reinsurers to primary carriers, according to two new industry reports. Deloitte said that the average deal size in the sector grew more …

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Brightway Insurance Adds Office in Jacksonville, Florida Area http://www.insurancejournal.com/news/southeast/2015/03/17/360763.htm Tue, 17 Mar 2015 04:20:44 +0000 http://www.insurancejournal.com/?p=360763 A new Brightway Insurance office has been opened in Orange Park, Fla., by Nikki Hawkins, an agent with insurance company claims handling and insurance legal experience. Brightway, The Hawkins Agency, brings the number of Brightway agencies in Northeast Florida to …

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Atlas Financial Closes Acquisition of Global Liberty in New York http://www.insurancejournal.com/news/east/2015/03/16/360591.htm Mon, 16 Mar 2015 16:18:39 +0000 http://www.insurancejournal.com/?p=360591 Atlas Financial Holdings Inc. in Elk Grove Village, Illinois, announced last week it has closed the acquisition of Global Liberty Insurance Company of New York along with its affiliated underwriting and premium finance companies. The purchase price is approximately $24.7 …

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AIG Buys Controlling Interest in Program Manager NSM Group http://www.insurancejournal.com/news/national/2015/03/16/360577.htm Mon, 16 Mar 2015 12:48:01 +0000 http://www.insurancejournal.com/?p=360577 American International Group Inc. has agreed to acquire a controlling stake in NSM Insurance Group, a managing general agent and insurance program administrator, from ABRY Partners and NSM management. Terms of the deal were not disclosed. The transaction is expected …

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Apex Insurance Combines with Public Risk Underwriters of Georgia http://www.insurancejournal.com/news/southeast/2015/03/13/360399.htm Fri, 13 Mar 2015 05:09:59 +0000 http://www.insurancejournal.com/?p=360399 Brown & Brown subsidiaries Apex Insurance Agency, Inc. (led by Karl F. Snearer) and Public Risk Underwriters of Georgia (led by Michael H. White) will combine to operate together under the Apex brand. In combination, these organizations place an array of …

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Maryland Commissioner Redmer Announces Sale of His Baltimore Agency http://www.insurancejournal.com/news/east/2015/03/12/360362.htm Thu, 12 Mar 2015 19:56:35 +0000 http://www.insurancejournal.com/?p=360362 Maryland’s new insurance commissioner, Al Redmer, Jr., announced the sale of his agency Redmer Insurance Group LLC to two of the firm’s employees, Partner and Principal Agent Liz Mika and Partner Ann Ansel. Terms of the transaction were not disclosed. …

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Lloyd’s Opens Specialist Underwriting Platform in Dubai http://www.insurancejournal.com/news/international/2015/03/11/360054.htm Wed, 11 Mar 2015 10:17:34 +0000 http://www.insurancejournal.com/?p=360054 Lloyd’s has opened a new specialist underwriting platform in Dubai to provide tailored risk solutions across the Middle East. This brings the number of Lloyd’s businesses trading in the Dubai International Financial Centre to nine – Amlin, Argo Re, Beazley, …

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Royal Bank of Canada Is Reviewing Future of Volatile P/C Insurance Unit http://www.insurancejournal.com/news/international/2015/03/11/360046.htm Wed, 11 Mar 2015 07:00:49 +0000 http://www.insurancejournal.com/?p=360046 Royal Bank of Canada is reviewing its domestic property and casualty insurance business, Chief Executive Officer David McKay said, citing difficulties caused by rules that ban banks from selling coverage in branches. “We’re trying to decide which direction we go,” McKay, …

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Integro Acquires Design Insurance Agency in New York http://www.insurancejournal.com/news/east/2015/03/10/359975.htm Tue, 10 Mar 2015 16:17:20 +0000 http://www.insurancejournal.com/?p=359975 Insurance brokerage and risk management firm Integro announced its acquisition of Design Insurance Agency Inc., a specialist brokerage providing professional liability coverage and risk management services to architects, engineers and other design consultants in private practice. Financial details of the …

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New England Insurance Group Network Launched in Massachusetts http://www.insurancejournal.com/news/east/2015/03/10/359945.htm Tue, 10 Mar 2015 15:59:26 +0000 http://www.insurancejournal.com/?p=359945 Executives from a Massachusetts-based independent insurance agency recently announced the launch of a new agency network. The New England Insurance Group Network, which began operation in January, is based in Newton, Massachusetts. It was founded by Edward Lukatsky and Steven …

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Verisk Analytics to Buy UK’s Wood Mackenzie in $1.937 Billion Deal – Source http://www.insurancejournal.com/news/international/2015/03/10/359931.htm Tue, 10 Mar 2015 10:52:45 +0000 http://www.insurancejournal.com/?p=359931 Verisk Analytics Inc. has agreed to acquire British analytics firm Wood Mackenzie for more than €1.8 billion ($1.937 billion), according to a source familiar with the matter. Wood Mackenzie, a private research consultancy owned by buyout firm Hellman & Friedman …

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Hub Acquires Assets of California-Based Laubacher http://www.insurancejournal.com/news/west/2015/03/09/359832.htm Mon, 09 Mar 2015 16:07:45 +0000 http://www.insurancejournal.com/?p=359832 Hub International Limited has acquired the assets of Laubacher Insurance Agency Inc., which services the California counties of Ventura, Santa Barbara and San Luis Obispo. Terms of the deal were not disclosed. The agencies will become part of the California operations …

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Great American Insurance Group to Launch Singapore Operation http://www.insurancejournal.com/news/international/2015/03/09/359784.htm Mon, 09 Mar 2015 10:48:05 +0000 http://www.insurancejournal.com/?p=359784 Great American Insurance Group announced its lead insurer, Great American Insurance Company, has received preliminary approval from the Monetary Authority of Singapore to establish a branch operation. It plans to begin underwriting risks once all pre-conditions for licensing have been completed, …

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XL Group’s E&S Insurance Adds Miller in Chicago to Launch New Auto Product http://www.insurancejournal.com/news/midwest/2015/03/06/359720.htm Fri, 06 Mar 2015 17:41:54 +0000 http://www.insurancejournal.com/?p=359720 XL Group’s Excess & Surplus (E&S) insurance team is expanding, adding Andrew Miller as underwriting manager for its newest product line, primary auto. Miller joins XL Group’s Chicago office with more than a dozen years of transportation insurance industry experience, most recently as …

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SCOR Welcomes Sompo Japan Nippokoa Share Purchase; No Changes Seen http://www.insurancejournal.com/news/international/2015/03/06/359708.htm Fri, 06 Mar 2015 16:50:40 +0000 http://www.insurancejournal.com/?p=359708 In a brief announcement French reinsurer SCOR acknowledged that it has been “informed of the signing of a purchase agreement by Sompo Japan Nipponkoa Holdings, Inc.” The Japanese insurer is acquiring the “entire holding of Patinex AG in SCOR (i.e. …

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Sompo Japan Nipponkoa Plans to Buy 15% Stake in French Reinsurer SCOR http://www.insurancejournal.com/news/international/2015/03/06/359684.htm Fri, 06 Mar 2015 07:48:33 +0000 http://www.insurancejournal.com/?p=359684 Sompo Japan Nipponkoa Holdings Inc. will buy a 15 percent stake in French reinsurer SCOR SE in potentially its biggest investment abroad amid diminishing opportunities for growth at home. The insurer will initially buy 7.8 percent from Swiss fund Patinex …

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Hedge Fund, Sandell Asset Management, Forms Bermuda Reinsurer http://www.insurancejournal.com/news/international/2015/03/05/359624.htm Thu, 05 Mar 2015 19:29:48 +0000 http://www.insurancejournal.com/?p=359624 Sandell Asset Management Corp., the activist hedge-fund firm run by Tom Sandell, started a Bermuda-based reinsurer to support its investing strategy. Sandell Re will rely on the hedge fund to oversee the reinsurer’s assets, the New York-based firm said Thursday …

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