Business Moves & Mergers News

Endurance to Acquire Montpelier for $1.8 Billion

Bermuda-based Endurance Specialty Holdings Ltd. and Montpelier Re Holdings Ltd. announced a merger today, in which Endurance will acquire Montpelier in a stock-cash deal for roughly $1.8 billion. Specifically, the deal consideration consists of 0.472 shares of Endurance and $9.89 …

Liberty Mutual Centralizing Personal Lines Service at 6 Call Centers

Boston-headquartered Liberty Mutual said it is moving to a centralized service model for its personal insurance customers beginning in January 2016. This move involves transitioning local service activities into customer service call centers, and expanding those centralized operations, currently at …

ACE Creates International Excess Unit in Asia Pacific; Appoints Sexton

ACE Group has created a new business unit – ACE International Excess (AIE) – to provide commercial property insurance on an excess basis for large companies in the Asia Pacific region. The new business unit will be modeled after ACE Bermuda International, …

AIG Seeks $507 Million Through Sale of Some of Its Shares in China’s PICC

American International Group Inc. is seeking as much as $507 million through the sale of part of its holding in PICC Property & Casualty Co., China’s biggest non-life insurer. AIG, the largest commercial insurer in the U.S., is offering about …

Towergate Gets U.K. Court Nod for Plan to Restructure $1.49 Billion Debt

Towergate Finance plc said it won court approval for its plan to restructure 1 billion pounds ($1.49 billion) of debt. The restructuring will be completed by early April, the U.K. insurance broker said in a statement Friday. The company previously reached an …

Oaktree-Backed Insurer Seeks to Raise $2 Billion, Plans IPO Within Five Years

Oaktree Capital Group LLC is among investors backing a Bermuda insurance venture that’s seeking to raise $2 billion with plans for an initial public offering within five years. Fidelis Insurance Holdings Ltd. is led by Richard Brindle, the former chief executive officer of Lancashire …

Humana to Exit Workers’ Compensation with Sale of Concentra

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 …

IRB Brasil RE Seeks to More Aggressive Growth in Latam, Africa; Weighs IPO

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 …

Brown & Brown Acquires Assets of Spain Agency in New York

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 …

Cross Insurance Acquires Corcoran & Havlin Insurance in Massachusetts

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 …