Insurance Journal » Business Moves & Mergers http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Fri, 29 May 2015 23:41:55 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.2 ING to Sell $1.3 Billion of Shares in Insurer NN Group to Institutional Investors http://www.insurancejournal.com/news/international/2015/05/26/369333.htm Tue, 26 May 2015 18:44:19 +0000 http://www.insurancejournal.com/?p=369333 ING Groep NV is selling a 1.2 billion-euro ($1.3 billion) stake in insurer NN Group NV as it seeks to exit the company by the end of next year. ING is selling 45 million shares of NN to institutional investors, decreasing its …

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Patriot National Acquires Brandywine Insurance Advisors in Pennsylvania http://www.insurancejournal.com/news/east/2015/05/26/369275.htm Tue, 26 May 2015 13:48:07 +0000 http://www.insurancejournal.com/?p=369275 Fort Lauderdale, Florida-based Patriot National Inc. announced that it has acquired Brandywine Insurance Advisors, a specialty insurance brokerage focusing on the construction industry. Patriot National said the total purchase price, assuming all earn-out criteria are met, would be $4.2 million. …

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Generali Reorganizes German Business to Enhance Competitive Position http://www.insurancejournal.com/news/international/2015/05/26/369242.htm Tue, 26 May 2015 09:18:37 +0000 http://www.insurancejournal.com/?p=369242 Generali is reorganizing its German market business with an aim to enhance the competitive position of the group by the end of 2018. The company is instituting simpler and business-focused governance, a stronger focus on distribution strengths, a modern and …

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PartnerRe Board Slammed by Activist Hedge Fund for Rejecting EXOR Bid http://www.insurancejournal.com/news/international/2015/05/22/369210.htm Fri, 22 May 2015 23:07:46 +0000 http://www.insurancejournal.com/?p=369210 Sandell Asset Management Corp., the activist hedge-fund firm run by Tom Sandell, said PartnerRe Ltd. directors hurt shareholders by pushing a merger with AXIS Capital Holdings Ltd. rather than talks with a hostile bidder. “We will not hesitate to exercise the rights …

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Keystone Takes on Two New Missouri Partners http://www.insurancejournal.com/news/midwest/2015/05/22/369156.htm Fri, 22 May 2015 16:16:48 +0000 http://www.insurancejournal.com/?p=369156 Keystone Insurers Group welcomed Springfield, Mo.-based agency Barker Phillips Jackson as its second franchise partner in the state and Winter-Dent & Company of Jefferson City as its third. Earlier in the week Keystone announced its first franchise partner in Missouri. …

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Arthur J. Gallagher Acquires James R. Weir in Minnesota http://www.insurancejournal.com/news/midwest/2015/05/22/369152.htm Fri, 22 May 2015 16:05:54 +0000 http://www.insurancejournal.com/?p=369152 Arthur J. Gallagher & Co. has acquired James R. Weir Insurance Agency Inc. in Mankato, Minn. Terms of the deal were not disclosed. Jay Weir, Michael Donohoe and their associates will continue to operate from their current location under the …

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PartnerRe Shareholders to Decide on AXIS Bid; Board Rejects EXOR Offer http://www.insurancejournal.com/news/international/2015/05/22/369096.htm Fri, 22 May 2015 11:44:49 +0000 http://www.insurancejournal.com/?p=369096 PartnerRe Ltd. said in a statement on Friday that its suitor EXOR has rejected any negotiations to raise its $6.8 billion hostile offer. As a result, the Bermuda-based PartnerRe said it will ask shareholders to vote on the planned merger with …

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Montpelier Re to Hold Special Shareholders’ Meeting on Endurance Acquisition http://www.insurancejournal.com/news/international/2015/05/22/369086.htm Fri, 22 May 2015 09:54:12 +0000 http://www.insurancejournal.com/?p=369086 Bermuda-based Montpelier Re Holdings Ltd announced that it has scheduled a special general meeting of its shareholders to “consider and vote upon a proposal to approve the previously announced Agreement and Plan of Merger,” dated March 31, 2015. Shareholders will …

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AXA to Acquire Large Commercial Risks Subsidiary of SulAmérica http://www.insurancejournal.com/news/international/2015/05/22/369082.htm Fri, 22 May 2015 08:59:21 +0000 http://www.insurancejournal.com/?p=369082 AXA announced it has entered into an agreement with SulAmérica SA to acquire 100 percent of its large industrial and commercial risks insurance subsidiary, SulAmérica Companhia de Seguros Gerais, for 135 million Brazilian real ($44.7 million ). The subsidiary handles …

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EXOR Refuses to Sweeten $6.8 Billion Offer to Acquire PartnerRe http://www.insurancejournal.com/news/international/2015/05/22/369079.htm Fri, 22 May 2015 08:16:15 +0000 http://www.insurancejournal.com/?p=369079 EXOR SpA, the investment vehicle of Italy’s Agnelli family, reiterated that it won’t sweeten a $6.8 billion offer to buy PartnerRe Ltd. as the reinsurer demands a higher price to abandon a merger deal with AXIS Capital Holdings Ltd. EXOR …

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NFP Acquires Horenberg Insurance Services in Maryland http://www.insurancejournal.com/news/east/2015/05/21/369019.htm Thu, 21 May 2015 16:57:59 +0000 http://www.insurancejournal.com/?p=369019 NFP, a New York City-based provider of employee benefits, property/casualty insurance, retirement and wealth management services, announced it has acquired Horenberg Insurance Services Inc., an independent agency in Burtonsville, Maryland. Terms of the transaction were not disclosed. NFP said the …

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Ascot, Chaucer & Skuld Form Underwriting Consortium for Renewable Energy http://www.insurancejournal.com/news/international/2015/05/21/368961.htm Thu, 21 May 2015 11:31:41 +0000 http://www.insurancejournal.com/?p=368961 Ascot Underwriting Ltd. has formed Renewco Consortium (ReCo), a dedicated and independent underwriting platform for the renewable energy industry. The Lloyd’s consortium is jointly led by Ascot and Chaucer and managed by Ascot; Skuld is the third consortium partner. With …

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Brokerslink Signs Partnership Pact with African Insurer Saham Finances http://www.insurancejournal.com/news/international/2015/05/21/368952.htm Thu, 21 May 2015 10:21:06 +0000 http://www.insurancejournal.com/?p=368952 Independent broker network Brokerslink has signed a three year strategic partnership agreement with pan-African insurance group, Saham Finances. The bulletin said the agreement one of the biggest pan-African insurance groups (outside of South Africa) with a turnover of more than …

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AXIS Says Termination Fee Would Soften Blow if PartnerRe Deal Collapses http://www.insurancejournal.com/news/international/2015/05/21/368937.htm Thu, 21 May 2015 05:50:10 +0000 http://www.insurancejournal.com/?p=368937 AXIS Capital Holdings Ltd. Chief Executive Officer Albert Benchimol, who’s working to complete a merger with PartnerRe Ltd., said his company can withstand a collapse of the deal and that a termination fee would soften the blow. “We intend to …

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Hortica in Illinois and Sentry in Wisconsin Sign Affiliation Agreement http://www.insurancejournal.com/news/midwest/2015/05/20/368893.htm Wed, 20 May 2015 21:45:09 +0000 http://www.insurancejournal.com/?p=368893 Sentry Insurance a Mutual Co. and Florists’ Mutual Insurance Co. have entered into an affiliation agreement, under which upon completion of the affiliation and approval by the applicable insurance departments Hortica will become a member of the Sentry Insurance Group. …

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Missouri General Joins Keystone Insurers Group http://www.insurancejournal.com/news/midwest/2015/05/20/368891.htm Wed, 20 May 2015 21:38:40 +0000 http://www.insurancejournal.com/?p=368891 St. Louis, Mo.-based agency Missouri General Insurance Agency has become a franchise partner in Keystone Insurers Group. Missouri General offers business and personal insurance, and benefits and financial services. Keystone is headquartered in Northumberland, Penn., and is owned by its …

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Allstate Seeks to Recruit Over 100 New Exclusive Agency Owners in Northeast http://www.insurancejournal.com/news/east/2015/05/20/368855.htm Wed, 20 May 2015 16:59:20 +0000 http://www.insurancejournal.com/?p=368855 Allstate Corp. announced its plan to grow its exclusive agency count and hire more licensed sales staff and financial professionals in the Northeast region. Allstate said Monday that it seeks to appoint 63 new Allstate-exclusive agency owners, approximately 172 licensed …

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USI Acquires Personal Risk Business from BBVA Compass in Arizona http://www.insurancejournal.com/news/west/2015/05/20/368837.htm Wed, 20 May 2015 16:12:14 +0000 http://www.insurancejournal.com/?p=368837 USI Insurance Services has acquired the personal risk services business of BBVA Compass Insurance Agency Inc. The accounts, homeowner, automobile, umbrella and other recreational policies, will be combined into the USI Phoenix, Ariz. operations. USI offers insurance brokerage and consulting …

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Update: PartnerRe Says $6.8B EXOR Offer Unacceptable; Open to Negotiations http://www.insurancejournal.com/news/international/2015/05/20/368813.htm Wed, 20 May 2015 13:29:06 +0000 http://www.insurancejournal.com/?p=368813 PartnerRe Ltd. said it would engage in discussions with hostile bidder EXOR SpA to seek a better offer than the $6.8 billion proposal that the target company called “unacceptable.” “While we believe that PartnerRe is worth materially more than EXOR …

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AIG Acquires Controlling Stake in ING Employee Benefits Global Network http://www.insurancejournal.com/news/international/2015/05/20/368798.htm Wed, 20 May 2015 12:27:10 +0000 http://www.insurancejournal.com/?p=368798 American International Group Inc. has acquired a controlling stake in ING Employee Benefits Global Network and renamed it AIG Global Benefits Network. The network is based in Belgium. The network’s minority shareholders are Nationale-Nederlanden in the Netherlands and France’s Malakoff Mederic. Terms …

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Cross Insurance Acquires Schonning Insurance in Rhode Island http://www.insurancejournal.com/news/east/2015/05/19/368661.htm Tue, 19 May 2015 14:40:38 +0000 http://www.insurancejournal.com/?p=368661 Cross Insurance, an independent insurance agency based in Bangor, Maine, announced it has acquired Schonning Insurance, an independent agency in Westerly, Rhode Island. Terms of the transaction were not disclosed. Schonning Insurance represents more than a dozen insurance companies for …

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NFP Acquires Hackett Valine & MacDonald in Vermont http://www.insurancejournal.com/news/east/2015/05/19/368657.htm Tue, 19 May 2015 14:31:48 +0000 http://www.insurancejournal.com/?p=368657 NFP, a New York City-based provider of employee benefits, property/casualty insurance, retirement and wealth management services, announced its acquisition of Hackett Valine & MacDonald Inc. (HVM)., an independent insurance agency in South Burlington, Vermont. Terms of the transaction were not …

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IRS Scrutiny of Offshore Tax Avoidance Repels Bids for Bermuda Reinsurers http://www.insurancejournal.com/news/national/2015/05/19/368638.htm Tue, 19 May 2015 12:58:47 +0000 http://www.insurancejournal.com/?p=368638 The IRS’s scrutiny of tax avoidance in offshore locations has discouraged bidders from taking over reinsurers, potentially reducing the companies’ value. Montpelier Re Holdings Ltd. and Platinum Underwriters Holdings Ltd., both based in Bermuda, have each said in recent regulatory …

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Arch Reinsurance Completes Acquisition of Dubai’s Gulf Re http://www.insurancejournal.com/news/international/2015/05/19/368615.htm Tue, 19 May 2015 08:20:31 +0000 http://www.insurancejournal.com/?p=368615 Bermuda-based Arch Reinsurance Ltd., a member of Arch Capital Group Ltd., has completed the acquisition of Gulf Reinsurance Ltd. Gulf Re, a specialty reinsurer based in the Dubai International Financial Centre, was founded jointly by Arch and the Gulf Investment Corporation …

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EPIC Acquires Executive Financial in Southern California http://www.insurancejournal.com/news/west/2015/05/18/368539.htm Mon, 18 May 2015 15:39:03 +0000 http://www.insurancejournal.com/?p=368539 Edgewood Partners Insurance Center has acquired Los Angeles, Calif.-based Executive Financial Inc. Executive Financial is an employee benefits consulting firm specializing in executive benefits, life and disability insurance strategies. San Francisco-based EPIC’s offerings include commercial property/casualty, employee benefits, specialty program …

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Integro Acquires UK’s Kite Warren & Wilson, Marine Broker Specialist http://www.insurancejournal.com/news/international/2015/05/15/368318.htm Fri, 15 May 2015 14:06:51 +0000 http://www.insurancejournal.com/?p=368318 Integro Ltd., an insurance brokerage and risk management firm based in New York City, has acquired London-based Kite Warren & Wilson Ltd., which specializes in marine hull & liability coverage and financial lines. Financial details of the transaction have not …

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Confie Seguros Acquires 3 Brokerages in Buffalo, New York http://www.insurancejournal.com/news/east/2015/05/15/368312.htm Fri, 15 May 2015 13:32:06 +0000 http://www.insurancejournal.com/?p=368312 Confie Seguros, a national provider of personal lines insurance based in Huntington Beach, California, announced that it has acquired three new insurance brokerages in Buffalo, New York. Confie acquired three agencies in Buffalo, all providing auto insurance — Able Insurance …

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AssuredPartners Acquires Jones, Raphael & Oulundsen in Connecticut http://www.insurancejournal.com/news/east/2015/05/14/368167.htm Thu, 14 May 2015 13:27:45 +0000 http://www.insurancejournal.com/?p=368167 AssuredPartners Inc. announced its acquisition of Jones, Raphael & Oulundsen Inc. (JRO), an independent insurance agency based in New Britain, Connecticut. Terms of the transaction were not disclosed. JRO will continue to operate under the local leadership of Vice President …

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Richmond Insurance Agency of Kentucky joins Keystone Insurers Group http://www.insurancejournal.com/news/southeast/2015/05/13/368009.htm Wed, 13 May 2015 08:00:59 +0000 http://www.insurancejournal.com/?p=368009 Keystone Insurers Group is continuing its expansion in Kentucky with the addition of a new franchise partner in Maysville. Richmond Insurance Agency of Kentucky is the 25th independent insurance agency in the state to join Keystone’s growing group of partners. …

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Italy’s Agnellis: Billionaire Family Behind PartnerRe Takeover Battle http://www.insurancejournal.com/news/international/2015/05/13/368024.htm Wed, 13 May 2015 06:43:04 +0000 http://www.insurancejournal.com/?p=368024 The billionaire Agnellis will become more interested in hurricane damage and less dependent on sales of Alfa Romeo sports cars and CNH tractors if their $6.8 billion bid for reinsurer PartnerRe Ltd. is successful. PartnerRe, which assumes risks for natural …

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