Business Moves & Mergers News

HUB Acquires Assets of First Santa Fe Insurance Services in New Mexico

Hub International Ltd. has acquired the assets of New Mexico-based First Santa Fe Insurance Services Inc. Terms of the deal were not disclosed. First Santa Fe’s operations will become a part of Hub New Mexico and be led by Randy …

MS Amlin Now Operating at Lloyd’s Under One Brand: MS Amlin Underwriting

MS Amlin announced it is now operating as one brand in the Lloyd’s market, as a single managing agency, MS Amlin Underwriting Ltd. Operating from 22 locations across three continents, the MS Amlin business will inherit Amlin’s tripartite legacy business …

Bain Capital, Vista Equity Buy Agency Technology Firm Vertafore from TPG

Bain Capital Private Equity and Vista Equity Partners have agreed to acquire insurance agency technology firm Vertafore from TPG Capital. The parties did not disclose terms of the transaction. Reuters, citing anonymous sources, said it was for $2.7 billion TPG …

Prime Risk Partners to Acquire Large Midwest Agency

Prime Risk Partners Inc. reported it has entered into an agreement to acquire Old National Insurance (ONI), a large independent insurance agency in the Midwest. ONI will operate under the name ONI Risk Partners and will retain all of its …

AIG Selling $1.2 Billion Worth of Shares in China’s PICC P&C: Report

American International Group is offering for sale about $1.2 billion worth of shares in China’s PICC Property and Casualty Co. Ltd. (PICC P&C) in a block deal, IFR said on Saturday, citing a term sheet of the deal. AIG’s stake …

Champion Risk Acquires Adams Clay Insurance in California

San Diego, Calif.-based Champion Risk & Insurance Services has acquired Clay Insurance Brokerage Co. in Rancho Santa Margarita. Terms of the deal weren’t released. The acquisition is effective May 1. Robert Swanson, owner of Adams Clay, will join Champion Risk. …

Global Risk Partners Backs LONMAR’s MBO, Supporting Its Growth Strategy

Global Risk Partners, the acquisitive insurance broking and managing general agency (MGA) investment vehicle, has agreed to back the management buyout of LONMAR GLOBAL RISKS, the specialist Lloyd’s broker. The transaction is subject to regulatory approval. LONMAR’s management team, led …

JenCap Holdings Acquires Trivedi-Capacity in New Jersey

JenCap Holdings LLC, a portfolio company of private-equity giant Carlyle Group, has acquired Trivedi-Capacity Associates LLC, a specialist MGA and wholesaler based in Mahwah, New Jersey. Terms of the transaction were not disclosed. Trivedi-Capacity is a provider of specialty programs …

AIG, Hamilton, Two Sigma to Launch Small-Medium Business Insurance Joint Venture

American International Group, Bermuda-based Hamilton Insurance Group and affiliates of hedge fund firm Two Sigma Investments said they have agreed to create a technology-enabled insurance platform for sales to the small to medium-sized enterprise (SME) market. The announcement said the …

Assurant to Pick Up Policies as Nationwide Exits Federal Flood Insurance Program

Nationwide will start winding down its status this May as a “Write Your Own” carrier within the federal government’s National Flood Insurance Program. Assurant said it formed an agreement with the insurer to fill the gap. Nationwide said it plans to begin …