Business Moves & Mergers News

RSA Insurance Selling Italian Business to ITAS Mutua

RSA Insurance Group Plc agreed to sell its Italian business to ITAS Mutua, the country’s oldest customer-owned insurer. RSA will transfer 434 million pounds ($698 million) of liabilities to ITAS and receive a payment of 19 million pounds, the London-based …

Global Indemnity to Acquire American Reliable from Assurant Specialty

Assurant Specialty Property, a business segment of Assurant Inc., has agreed to sell its general agency business and associated insurance carrier, American Reliable Insurance Co., to Global Indemnity Group Inc., the U.S. subsidiary of Dublin-based Global Indemnity, for approximately $114 …

Pioneer Underwriters Launches Pioneer Special Risk of N.Y.

Pioneer Underwriters has launched a new division called Pioneer Special Risk of New York and hired Gary Dubois as division president. Based in New York, Dubois is joined by Steve Sitterly, chief operating officer, and Scott Misson and Brian Hickey, …

Texas-Based Premium Finance Group to Be Sold to South Dakota’s MetaBank

Cecil Y. Ray Jr., chairman of AFS/IBEX and former chairman of The Rigg Group, has announced the sale of substantially all of the loan portfolio and related assets of Dallas-based AFS/IBEX Financial Services Inc. – including AFS/IBEX Financial Services Inc. of California and …

Educator-Focused Meemic Insurance Expands into Illinois

Meemic Insurance Co., a Michigan-based insurance provider offering personal auto, homeowners, and umbrella coverages tailored exclusively to teachers and other educational employees, announced that the company will immediately begin offering insurance services to educational employees in Illinois. Meemic Insurance Company has been …

Lawley Insurance Acquires S. Turtletaub & Sons in New Jersey

Lawley Insurance, an independent agency based in Buffalo, New York, has acquired S. Turtletaub & Sons Inc., an agency in Bayonne, New Jersey. Terms of the transaction were not disclosed. The transaction is part of Lawley Insurance’s overall New York …

USI Insurance Services Acquires Wallace/Scott in Alaska

Valhalla, N.Y.-based USI Insurance Services announced the closing on the acquisition of Wallace Insurance Inc./Scott Insurance Services headquartered in Anchorage, Alaska. The employee benefits practice and all of its employees will join USI’s Anchorage office. By acquiring Wallace/Scott, USI’s footprint …

Arthur J. Gallagher Acquires Illinois’ Bennett & Shade Co.

Arthur J. Gallagher & Co. has acquired retail insurance broker Bennett & Shade Co. in Decatur, Ill. Terms of the transaction were not disclosed. Founded in 1906, Bennett & Shade provides commercial property/casualty, employee benefits, risk management consulting and personal lines …

White Mountains Buys Majority Stake in Internet Insurance Broker Tranzact

White Mountains Insurance Group Ltd. purchased a majority stake in Tranzact for $178 million as the insurer renews its bet on policy sales through the Internet. White Mountains acquired 63 percent of Tranzact, which operates DirectHealth.com, the online insurance comparison …

RBC Facing $76 Million in Shareholder Claim Over Merger

A Delaware judge said Royal Bank of Canada must pay $75.8 million in damages to former shareholders of Rural/Metro because it failed to disclose conflicts of interest that tainted the $438 million buyout of the ambulance operator. The ruling is …