Insurance Journal » Business Moves & Mergers http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Mon, 02 Mar 2015 14:18:28 +0000 en-US hourly 1 http://wordpress.org/?v=4.1.1 Integro Acquires E&O Specialist Firm in California http://www.insurancejournal.com/news/west/2015/02/19/358069.htm Thu, 19 Feb 2015 16:14:27 +0000 http://www.insurancejournal.com/?p=358069 Integro Ltd. has acquired E&O Professional Risk Management and Insurance Services Inc. of Mission Viejo, Calif. Terms of the deal were not disclosed. E&O Pros founder and CEO Sheri Pontolillo will lead the E&O Pros group within Integro and report …

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AssuredPartners Acquires Amtech Insurance Brokers in New York http://www.insurancejournal.com/news/east/2015/02/19/358052.htm Thu, 19 Feb 2015 15:04:53 +0000 http://www.insurancejournal.com/?p=358052 AssuredPartners Inc. has acquired Amtech Insurance Brokers in Latham, New York. Terms of the transaction were not disclosed. Amtech has been providing commercial insurance and risk management services for businesses for the past 22 years. Its industry specialties include construction, …

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Navigators Launches Lloyd’s-Based International Casualty Unit http://www.insurancejournal.com/news/international/2015/02/19/357974.htm Thu, 19 Feb 2015 10:31:36 +0000 http://www.insurancejournal.com/?p=357974 The Navigators Group, Inc. announced that Navigators Underwriting Agency Ltd., its wholly owned Lloyd’s managing agency subsidiary, has created an International Casualty unit, which will “offer a range of liability solutions across three main product lines: General Liability, Environmental Impairment …

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ACE Launches Luxury Goods Practice for Continental Europe http://www.insurancejournal.com/news/international/2015/02/19/357954.htm Thu, 19 Feb 2015 09:35:48 +0000 http://www.insurancejournal.com/?p=357954 ACE Group announced the launch of a new luxury goods practice across Continental Europe. The launch of the practice follows research by ACE where almost six in ten European luxury goods companies taking part reported that globalization has increased the …

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Hilton Closes $1.95B Waldorf Astoria Sale to Anbang Insurance http://www.insurancejournal.com/news/east/2015/02/18/357746.htm Wed, 18 Feb 2015 17:51:38 +0000 http://www.insurancejournal.com/?p=357746 Hilton Worldwide Holdings Inc. announced last week that it has closed its previously-announced sale of the Waldorf Astoria New York hotel to Beijing-based Anbang Insurance Group Co. Ltd. for $1.95 billion. As part of its long-term relationship with Anbang, Hilton …

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RSA Sells 26% Holding in India’s Royal Sundaram Alliance Insurance http://www.insurancejournal.com/news/international/2015/02/18/357699.htm Wed, 18 Feb 2015 10:23:04 +0000 http://www.insurancejournal.com/?p=357699 RSA Insurance Group plc announced that it agreed the sale of its 26 percent holding in Indian insurer Royal Sundaram Alliance Insurance Company Limited to Sundaram Finance Limited, its joint venture partner. RSA expects to receive cash consideration of approximately …

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Arthur J. Gallagher Acquires Cohn Financial in Arizona http://www.insurancejournal.com/news/west/2015/02/17/357663.htm Tue, 17 Feb 2015 20:19:35 +0000 http://www.insurancejournal.com/?p=357663 Arthur J. Gallagher & Co. has acquired Cohn Financial Group LLC located in Phoenix, Ariz. Terms of the deal were not disclosed. Michael Cohn and his associates will continue to operate in their current location under the direction of Norbert Chung, head of …

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Lancashire Seen as Target as Lloyd’s Consolidation Trend Continues http://www.insurancejournal.com/news/international/2015/02/17/357586.htm Tue, 17 Feb 2015 13:22:36 +0000 http://www.insurancejournal.com/?p=357586 Lloyd’s of London insurers Lancashire Holdings plc and Novae Group plc may be the next in line for takeover offers after Brit plc became the second U.K. firm within weeks to be acquired. Lancashire, which gained access to the world’s …

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China’s Anbang Insurance to Recapitalize Vivat, Former SNS Reaal Unit http://www.insurancejournal.com/news/international/2015/02/17/357576.htm Tue, 17 Feb 2015 11:59:09 +0000 http://www.insurancejournal.com/?p=357576 Anbang Insurance Group Co., which bought New York’s Waldorf Astoria Hotel, will increase the capital of Dutch insurer Vivat by as much as 1 billion euros ($1.14 billion) after agreeing to buy the company. Anbang, based in Beijing, won Dutch …

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Canada’s Fairfax to Acquire London-Based Brit for $1.88 Billion http://www.insurancejournal.com/news/international/2015/02/17/357566.htm Tue, 17 Feb 2015 10:12:43 +0000 http://www.insurancejournal.com/?p=357566 Fairfax Financial Holdings, the Canadian property and casualty insurer run by contrarian investor Prem Watsa, said it would buy Brit plc for some $1.88 billion to become one of the top five underwriters on the Lloyd’s of London market. Watsa, …

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AIG Opens Four New Branches in Oman http://www.insurancejournal.com/news/international/2015/02/17/357567.htm Tue, 17 Feb 2015 10:09:36 +0000 http://www.insurancejournal.com/?p=357567 American International Group announced the opening of four new branches in the Sultanate of Oman. They are to be located in Nizwa, Ibri, Salalah and Sur, and “will allow AIG to further expand its business in the Sultanate where it …

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Coverys Launches Excess & Surplus Lines Company http://www.insurancejournal.com/news/east/2015/02/13/357447.htm Fri, 13 Feb 2015 17:32:27 +0000 http://www.insurancejournal.com/?p=357447 Coverys, a Boston-based provider of medical professional liability insurance and related services, announced the creation of Coverys Specialty Insurance Company, a new excess and surplus lines underwriting company. The New Jersey-domiciled Coverys Specialty’s offering will round out Coverys’ suite of …

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Ardian Agrees to Buy JLT’s Stake in Siaci St Honoré http://www.insurancejournal.com/news/international/2015/02/13/357390.htm Fri, 13 Feb 2015 12:42:06 +0000 http://www.insurancejournal.com/?p=357390 Jardine Lloyd Thompson Group plc announced that Ardian has agreed to buy JLT’s 26.2 percent stake in Milestone, the holding company of Siaci St Honoré, JLT’s French associate. This offer extends to all shareholders, JLT said. The transaction will be …

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RenaissanceRe Gets Regulatory Nod to Acquire Platinum Underwriters http://www.insurancejournal.com/news/international/2015/02/12/357286.htm Thu, 12 Feb 2015 13:07:41 +0000 http://www.insurancejournal.com/?p=357286 RenaissanceRe Holdings Ltd. announced it has received all regulatory approvals required in connection with its previously announced acquisition of Platinum Underwriters Holdings, Ltd. The transaction remains subject to approval by the shareholders of Platinum at Platinum’s previously announced shareholder meeting …

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Loeb’s Third Point Reinsurance Ltd. Shuns Acquisitions in U.S., Europe http://www.insurancejournal.com/news/international/2015/02/12/357274.htm Thu, 12 Feb 2015 09:54:20 +0000 http://www.insurancejournal.com/?p=357274 Third Point Reinsurance Ltd., the Bermuda-based company co-founded by hedge-fund manager Dan Loeb, said buying a competitor in the U.S. or Europe could clash with its business model. “One of our strengths is we can tell people that our money …

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Catlin CEO Expects Number of Mergers Among Smaller Insurers to Increase http://www.insurancejournal.com/news/international/2015/02/11/357131.htm Wed, 11 Feb 2015 09:38:58 +0000 http://www.insurancejournal.com/?p=357131 Stephen Catlin, who is selling his Lloyd’s of London insurer to XL Group plc for $4.2 billion, expects the pace of mergers among smaller insurers to gather pace. “Anyone who has got a market value of less than $5 billion …

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Confie Seguros Acquires Texas-Based Baja Auto Insurance http://www.insurancejournal.com/news/southcentral/2015/02/10/357057.htm Tue, 10 Feb 2015 17:07:30 +0000 http://www.insurancejournal.com/?p=357057 Confie Seguros, a national provider of personal lines insurance based in Huntington Beach, Calif., announced it has acquired Baja Auto Insurance, which provides auto insurance throughout Texas. Founded in 2006 with one store in Dallas, Baja has since grown organically …

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Catalina Completes Transfer of NationsBuilders Construction Liabilities in Run-off http://www.insurancejournal.com/news/international/2015/02/10/357017.htm Tue, 10 Feb 2015 10:29:12 +0000 http://www.insurancejournal.com/?p=357017 Catalina Holdings (Bermuda) Ltd. announced that, following receipt of regulatory approvals from the Bermuda Monetary Authority and the District of Columbia Department of Insurance, Securities and Banking, it has completed the transfer of residential construction liabilities in run-off from NationsBuilders …

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Brown & Brown Acquires Liberty Insurance Brokers in Philadelphia http://www.insurancejournal.com/news/east/2015/02/09/356975.htm Mon, 09 Feb 2015 21:02:27 +0000 http://www.insurancejournal.com/?p=356975 Brown & Brown Inc. announced that its subsidiary Brown & Brown of Pennsylvania LP has acquired certain assets of Liberty Insurance Brokers Inc. and its related affiliate companies in Philadelphia. Terms of the transaction were not disclosed. Founded in 1996, …

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Smith Brothers Insurance Acquires McMahon Co. in Connecticut http://www.insurancejournal.com/news/east/2015/02/09/356956.htm Mon, 09 Feb 2015 19:38:08 +0000 http://www.insurancejournal.com/?p=356956 Smith Brothers Insurance LLC, an independent insurance agency based in Glastonbury, Connecticut, has acquired the assets of the McMahon Company Inc., an independent agency in Rocky Hill, Connecticut. Terms of the transaction were not disclosed. The McMahon Company, founded in …

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Starwood Capital to Sell NYC’s Baccarat Hotel to Chinese Insurer for $230M http://www.insurancejournal.com/news/east/2015/02/09/356943.htm Mon, 09 Feb 2015 17:48:11 +0000 http://www.insurancejournal.com/?p=356943 Barry Sternlicht’s Starwood Capital Group agreed to sell New York’s luxury Baccarat Hotel to an affiliate of China’s Sunshine Insurance Group. The 114-room property on Manhattan’s West 53rd Street is scheduled to open next month, Starwood said in a statement …

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Houston-Based Broker, J.H. Blades, Acquires Energy Rival Burke-Daniels http://www.insurancejournal.com/news/southcentral/2015/02/09/356925.htm Mon, 09 Feb 2015 17:07:15 +0000 http://www.insurancejournal.com/?p=356925 J.H. Blades & Co. Inc., an energy-focused managing general agent based in Houston, announced it has purchased wholesale broker Burke-Daniels Co. Inc., which also specializes in the oil and gas energy sector. Terms of the deal were not disclosed. With …

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MiddleOak Exiting Personal Lines; Selling Business to Mapfre http://www.insurancejournal.com/news/east/2015/02/05/356679.htm Thu, 05 Feb 2015 16:00:36 +0000 http://www.insurancejournal.com/?p=356679 Spanish insurance giant MAPFRE SA has said it wants to expand and is eying acquisitions in both Europe and the U.S. Barely two months into 2015, it has pulled the trigger on one such deal in New England, reports CarrierManagement.com. …

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Hub International Acquires San Antonio-Based Alexander Insurance Agency http://www.insurancejournal.com/news/southcentral/2015/02/04/356445.htm Wed, 04 Feb 2015 17:42:03 +0000 http://www.insurancejournal.com/?p=356445 Chicago-based Hub International Limited (Hub), has acquired Alexander Insurance Agency (Alexander), headquartered in San Antonio, Texas. Alexander is an independent brokerage with a focus on commercial lines insurance for the commercial towing and transportation industries. Terms of the acquisition were not disclosed. Alexander …

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United Insurance Holdings Completes Family Security Acquisition http://www.insurancejournal.com/news/southcentral/2015/02/04/356442.htm Wed, 04 Feb 2015 17:31:00 +0000 http://www.insurancejournal.com/?p=356442 United Insurance Holdings Corp., a Florida-based property and casualty insurance holding company, has closed its acquisition of Family Security Holdings LLC (FSH) and its subsidiaries, which have operations in Hawaii and Louisiana. FSH has two wholly-owned subsidiaries: Family Security Insurance …

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Protector Holdings Acquires Peartree Insurance in California http://www.insurancejournal.com/news/west/2015/02/04/356409.htm Wed, 04 Feb 2015 16:37:55 +0000 http://www.insurancejournal.com/?p=356409 Protector Holdings has acquired Brea, Calif.-based Peartree Insurance Services. Terms of the deal were not disclosed. Peartree specializes in providing insurance services to Hispanic consumers. Protector Holdings in 2013 acquired Premier Insurance Services, which targets the Hispanic community. Peartree will …

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AXIS Capital Reports Q4 Operating Income of $120 Million, $563 Million for 2014 http://www.insurancejournal.com/news/international/2015/02/04/356324.htm Wed, 04 Feb 2015 11:22:49 +0000 http://www.insurancejournal.com/?p=356324  AXIS Capital Holdings Limited reported a net income available to common shareholders for the fourth quarter of 2014 of $164 million, or $1.60 per diluted common share, compared with net income of $172 million, or $1.52 per diluted common share, …

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XL’s McGavick Says Defectors May Find More Turmoil at New Jobs http://www.insurancejournal.com/news/international/2015/02/04/356319.htm Wed, 04 Feb 2015 10:41:17 +0000 http://www.insurancejournal.com/?p=356319 XL Group plc Chief Executive Officer Mike McGavick said employees who are worried about disruption from his company’s planned purchase of Catlin Group Ltd. should think twice about jumping ship. Other reinsurance deals, including last month’s agreement by AXIS Capital Holdings …

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Spencer Capital Holdings to Acquire USA Risk Group in Vermont http://www.insurancejournal.com/news/east/2015/02/03/356260.htm Tue, 03 Feb 2015 17:59:20 +0000 http://www.insurancejournal.com/?p=356260 Spencer Capital Holdings Ltd., the parent company of reinsurer Spencer Re, has agreed to acquire USA Risk Group, an independent captive insurance manager based in Barre, Vermont. Financial terms of the transaction were not disclosed. The transaction is subject to …

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ACE Launches Transactional Risk Coverages, Appoints Markovich to Lead http://www.insurancejournal.com/news/national/2015/02/03/356259.htm Tue, 03 Feb 2015 17:41:01 +0000 http://www.insurancejournal.com/?p=356259 ACE Group has introduced three new transactional risk insurance products that offer protection to buyers and sellers participating in mergers and acquisitions (M&A) and other transactional deals throughout North America and in international markets. These products — representations and warranty …

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