Business Moves & Mergers News

AXIS Says Termination Fee Would Soften Blow if PartnerRe Deal Collapses

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 …

Hortica in Illinois and Sentry in Wisconsin Sign Affiliation Agreement

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. …

Missouri General Joins Keystone Insurers Group

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 …

Allstate Seeks to Recruit Over 100 New Exclusive Agency Owners in Northeast

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 …

USI Acquires Personal Risk Business from BBVA Compass in Arizona

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 …

Update: PartnerRe Says $6.8B EXOR Offer Unacceptable; Open to Negotiations

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 …

AIG Acquires Controlling Stake in ING Employee Benefits Global Network

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 …

Cross Insurance Acquires Schonning Insurance in Rhode Island

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 …

NFP Acquires Hackett Valine & MacDonald in Vermont

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 …

IRS Scrutiny of Offshore Tax Avoidance Repels Bids for Bermuda Reinsurers

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 …