Business Moves & Mergers News

AIG Opens Four New Branches in Oman

American International Group announced the opening of four new branches in the Sultanate of Oman. They are to be located in Nizwa, Ibri, Salalah and Sur, and “will allow AIG to further expand its business in the Sultanate where it …

Coverys Launches Excess & Surplus Lines Company

Coverys, a Boston-based provider of medical professional liability insurance and related services, announced the creation of Coverys Specialty Insurance Company, a new excess and surplus lines underwriting company. The New Jersey-domiciled Coverys Specialty’s offering will round out Coverys’ suite of …

Ardian Agrees to Buy JLT’s Stake in Siaci St Honoré

Jardine Lloyd Thompson Group plc announced that Ardian has agreed to buy JLT’s 26.2 percent stake in Milestone, the holding company of Siaci St Honoré, JLT’s French associate. This offer extends to all shareholders, JLT said. The transaction will be …

RenaissanceRe Gets Regulatory Nod to Acquire Platinum Underwriters

RenaissanceRe Holdings Ltd. announced it has received all regulatory approvals required in connection with its previously announced acquisition of Platinum Underwriters Holdings, Ltd. The transaction remains subject to approval by the shareholders of Platinum at Platinum’s previously announced shareholder meeting …

Loeb’s Third Point Reinsurance Ltd. Shuns Acquisitions in U.S., Europe

Third Point Reinsurance Ltd., the Bermuda-based company co-founded by hedge-fund manager Dan Loeb, said buying a competitor in the U.S. or Europe could clash with its business model. “One of our strengths is we can tell people that our money …

Catlin CEO Expects Number of Mergers Among Smaller Insurers to Increase

Stephen Catlin, who is selling his Lloyd’s of London insurer to XL Group plc for $4.2 billion, expects the pace of mergers among smaller insurers to gather pace. “Anyone who has got a market value of less than $5 billion …

Confie Seguros Acquires Texas-Based Baja Auto Insurance

Confie Seguros, a national provider of personal lines insurance based in Huntington Beach, Calif., announced it has acquired Baja Auto Insurance, which provides auto insurance throughout Texas. Founded in 2006 with one store in Dallas, Baja has since grown organically …

Catalina Completes Transfer of NationsBuilders Construction Liabilities in Run-off

Catalina Holdings (Bermuda) Ltd. announced that, following receipt of regulatory approvals from the Bermuda Monetary Authority and the District of Columbia Department of Insurance, Securities and Banking, it has completed the transfer of residential construction liabilities in run-off from NationsBuilders …

Brown & Brown Acquires Liberty Insurance Brokers in Philadelphia

Brown & Brown Inc. announced that its subsidiary Brown & Brown of Pennsylvania LP has acquired certain assets of Liberty Insurance Brokers Inc. and its related affiliate companies in Philadelphia. Terms of the transaction were not disclosed. Founded in 1996, …

Smith Brothers Insurance Acquires McMahon Co. in Connecticut

Smith Brothers Insurance LLC, an independent insurance agency based in Glastonbury, Connecticut, has acquired the assets of the McMahon Company Inc., an independent agency in Rocky Hill, Connecticut. Terms of the transaction were not disclosed. The McMahon Company, founded in …