Business Moves & Mergers News

PartnerRe Investor Fund Describes Exor Bid as ‘Much Superior’ to Axis Deal

PartnerRe Ltd.’s second-biggest shareholder, Franklin Mutual Advisers LLC (FMA), said Exor SpA’s offer for the Bermuda-based reinsurer was “much superior” to a deal with Axis Capital Holdings Ltd that was already on the table. FMA’s CEO Peter Langerman said his …

AIG Invests in Cybersecurity, Investigations Firm, K2 Intelligence

American International Group Inc. as acquired a minority stake in K2 Intelligence, an corporate investigations firm. The companies said they have agreed to co-develop products and services to help AIG’s customers mitigate cyber risk and to explore opportunities in other …

Ascension Acquires Belvedere Pacific in California

Ascension Insurance Inc. has acquired Belvedere Pacific Insurance Services in Corte Madera, Calif. Belvedere Pacific is a full-service employee benefits and insurance brokerage. Belvedere Pacific Principal Michael Stallone joins the Ascension Western region benefits team as senior vice president. Walnut Creek, Calif.-based Ascension …

Fairfax Financial Agrees to Sell 30% Stake in Brit to Ontario Pension Fund

Fairfax Financial Holdings Ltd. will sell as much as 30 percent of Brit plc to the Ontario Municipal Employees Retirement System two months after agreeing to buy the Lloyd’s of London insurer for $1.88 billion. Fairfax said Wednesday it reached an …

Update: Italy’s EXOR Offers $6.4 Billion for PartnerRe in Threat to AXIS Deal

Italy’s billionaire Agnelli family, with a $6.4 billion unsolicited bid for PartnerRe Ltd., is seeking to thwart its target’s planned merger with AXIS Capital Holdings Ltd. EXOR SpA, the Turin-based investment company controlled by the family, offered $130 a share in cash, …

Travelers to Buy Majority Interest in P&C Business of Brazil Joint Venture

The Travelers Companies Inc. announced that it has agreed to acquire a majority interest in the property and casualty business of its J. Malucelli Participações em Seguros e Resseguros S.A. joint venture in Brazil. J. Malucelli commenced writing P&C business …

Bryn Mawr Bank Acquires Robert J. McAllister Agency in Pennsylvania

Bryn Mawr Bank Corp. in Bryn Mawr, Pennsylvania, announced its acquisition of Robert J. McAllister Agency Inc., an independent insurance agency in Rosemont, Pennsylvania. Terms of the transaction were not disclosed. Founded in 1962, Robert J. McAllister Agency provides insurance …

Patriot National Acquires Hospitality Supportive Systems in Pennsylvania

Fort Lauderdale, Florida-based workers’ compensation services provider Patriot National Inc. announced that it has acquired the assets of Hospitality Supportive Systems (HSS), a Springfield, Pennsylvania-based managing general agent and insurance program administrator to the hospitality industry, and the assets of …

Hastings Weighs IPO as U.K. Car Insurer Gains Market Share

Hastings Insurance Group increased its customer base by 20 percent in 2014, boosting profitability and setting the U.K. car insurer on track for a potential initial public offering this year. Hastings, which generates 90 percent of its business from price-comparison …

AXA Strategic Ventures Invests in ‘Big Data’ Startup Company, Evercontact

AXA Strategic Ventures* has made a $1 million investment in the French tech startup company Evercontact, a cloud service that extracts contact information in emails and shares and updates them automatically. With more than 100,000 users, Evercontact is the only …