Business Moves & Mergers News

Facebook Co-Founder Leads Financing for Online Health Insurance Startup

Facebook Inc. co-founder Eduardo Saverin’s B Capital Group has led a new financing round for a Singapore-based online health insurance service that values the startup at $100 million. Singaporean government investment vehicle EDBI jointly led the $25 million round in …

RSA Global Risk Solutions Launches New Structure to Enhance Client Focus

RSA has introduced a new Global Risk Solutions (GRS) operating model aimed at delivering brokers and customers improved access to decision-makers and enabling GRS to operate with more focus in its chosen markets. Effective immediately, GRS will consist of three …

Prem Watsa’s Fairfax to Pay $144M for New Zealand-Based Insurer

Fairfax Financial Holdings Ltd. will pay $144 million for New Zealand insurer Tower Ltd., giving it an instant, significant presence in a growing, emerging market. Tower’s board of directors has already unanimously approved the sale at about NZ$1.17 per share, …

Update: Blackstone to Buy Aon’s Benefits Outsourcing Unit

Insurance broker Aon Plc said on Friday it agreed to sell its employee benefits outsourcing business to private equity firm Blackstone Group LP for up to $4.8 billion. Blackstone will pay $4.3 billion upfront and up to an additional $500 …

Federal Judge Halts Anthem-Cigna Merger as Harmful to Competition

A federal judge on Wednesday ruled against U.S. health insurer Anthem Inc.’s proposed $54 billion merger with smaller rival Cigna Corp., derailing an unprecedented effort to consolidate the country’s health insurance industry. The U.S. Justice Department sued in July to …

New Venture Capital Firm Looking for Insurtech Startups

The insurance industry has a new venture capital firm looking to make early to growth-stage investments in innovative insurance technologies. David Miles, a 30-year insurance investment veteran and owner of the insurance carrier asset management firm Miles Capital, and Matt …

Arthur J. Gallagher Acquires Lewis & Associates in California

Arthur J. Gallagher & Co. has acquired Lewis & Associates Insurance Brokers Inc. in Visalia, Calif. Terms of the deal were not disclosed. James Smallwood, Kevin Veitia and their associates will continue to operate from their current location under the direction of James G. McFarlane, head of …

RSA Insurance Disposes of £834M ($1B) of UK Legacy Liabilities with Enstar

RSA Insurance announced it has signed contracts, to dispose £834 million (US$1.04 billion) of UK employers’ liability legacy business to Enstar Group Ltd. The transaction initially takes the form of reinsurance (a 100 percent quota share policy) to be effective …

BHSI Opens London Office, Expands UK & Southern Europe Team

Berkshire Hathaway Specialty Insurance Co. (BHSI), in coordination with its affiliate Berkshire Hathaway International Insurance Ltd. (BHIIL), announced it has opened a new office in London. In addition, key executive roles have been filled. Richard Nathan has been named head …

Argo Group Completes Ariel Re Purchase; Mather Heads Reinsurance Unit

Argo Group International Holdings Ltd., the Bermuda-based underwriter of specialty insurance and reinsurance, announced that former Ariel Re chief executive officer, Ryan Mather, will serve as Argo’s global head of reinsurance, leading all reinsurance operations. The company’s reinsurance business will …