Business Moves & Mergers News

World Insurance Associates Acquires Alamo Insurance in New Jersey

World Insurance Associates LLC, an independent agency based in Tinton Falls, New Jersey, announced that it has acquired Alamo Insurance Services Inc. of Toms River, New Jersey. Terms of the transaction were not disclosed. The Alamo Insurance Services acquisition is …

Hyperion Unit, RKH Specialty, Acquires UK Surety Broker, PMG

Specialty lines broker, RKH Specialty, part of the Hyperion Insurance Group, has acquired the UK’s largest independent specialist Surety broker, PMG Financial Services Ltd., subject to regulatory approval. Barnaby Rugge-Price, CEO of RKH Specialty, commented: “The acquisition of PMG represents …

Dutch Insurer Delta Lloyd Still Faces Solvency II Uncertainties; Rights Issue Ahead

Dutch insurer Delta Lloyd is still discussing aspects of Europe’s new solvency regime with regulators as it prepares a 1 billion euro ($1.1 billion) rights issue to shore up its position. Delta Lloyd’s shares, which dipped 1.5 percent to 5.36 euros on …

Tompkins Insurance Acquires Shepard, Maxwell & Hale in New York

Tompkins Financial Corporation, a financial services company headquartered in Ithaca, New York, announced that its insurance agency subsidiary, Tompkins Insurance Agencies Inc., has acquired Shepard, Maxwell & Hale Insurance in upstate New York. Terms of the transaction were not disclosed. …

Patriot National Acquires Mid Atlantic Insurance Services in Virginia

Patriot National Inc., a workers’ compensation outsourcing services firm based in Fort Lauderdale, Florida, announced that it has acquired Mid Atlantic Insurance Services, a wholesale commercial insurance broker and program administrator in Richmond, Virginia. Terms of the transaction were not …

Talanx Group’s Industrial Insurer Operating with New Name: HDI Global SE

Talanx Group’s industrial lines insurer, formerly called HDI-Gerling Industrie Versicherung AG, is now operating under the name HDI Global SE. On Jan. 8, the renaming of HDI-Gerling Industrie Versicherung AG became official, as did the company’s conversion to an SE …

Moody’s, S&P, A.M. Best Release Ratings for AIG After Strategic Plan Outlined

American International Group Inc., which activist investor Carl Icahn is pressuring to divest assets, had the outlook on its credit rating changed to negative from stable by Standard & Poor’s after the insurer announced plans to sell a stake in …

Dutch Finance Minister Rules Out Sale of ASR Nederland as Parliament Backs IPO

Dutch Finance Minister Jeroen Dijsselbloem ruled out a private sale of ASR Nederland NV, the insurer nationalized during the financial crisis, as parliament signaled its support for an initial public offering of the asset. Dijsselbloem reiterated his plan to hold the …

Liberty Specialty Markets Enters Chinese Market via Lloyd’s China Platform

London-based Liberty Specialty Markets (LSM), which is part of Liberty Mutual Insurance Group, has joined the Lloyd’s China platform. LSM’s Underwriting Division of Lloyd’s Insurance Company (China) Ltd. (LICCL) has appointed Eve Li as its first representative in Beijing, China. …

Insurer Comings-and-Goings Show U.S. Crop Insurance a Field for Specialists

The U.S. crop insurance market has been abandoned by some of its largest companies as lower agricultural prices crimp revenue, and uncertainty about federal aid clouds the business’s future. Cargill Inc., the largest privately held company in the U.S., last …