Business Moves & Mergers News

Specialty Program Group Launches New Heights Insurance Solutions in Pennsylvania

Specialty Program Group LLC (SPG), an insurance holding company for specialty brokerages and underwriting facilities, has launched Eastern Pennsylvania-based New Heights Insurance Solutions (New Heights). New Heights President Megan Rose joined SPG as part of its Norman-Spencer Crane acquisition and …

AIG Prepares for Brexit with Authorization of UK, Luxembourg Subsidiaries

American International Group Inc. announced the authorization of new insurance companies in the United Kingdom and Luxembourg in preparation for the UK’s exit from the European Union. The formation of the two new units provides clients certainty of uninterrupted UK …

Tokio Marine Kiln Forms Strategic Agreement with Australian Insurtech Firm Evari

Tokio Marine Kiln (TMK), the specialist and corporate insurance business, announced it has formed a strategic agreement with Australian insurtech firm Evari. The agreement will allow TMK to access Evari’s digital insurance platform and on-demand products in the Australian market. …

Insurance Australia Group Plans to Sell Troubled SE Asian Businesses: Sources

Insurance Australia Group is set to sell its four Southeast Asian businesses in deals that could be valued at about $500 million, under a review of its Asian operations, three people with knowledge of the matter said. IAG, Australia’s biggest …

Sedgwick Adds 6,000 Claims Specialists with Acquisition of Cunningham Lindsey

Memphis-based global claims services firm Sedgwick has finalized the acquisition of competitor global loss adjusting and claims management firm Cunningham Lindsey and its subsidiaries. Sedgwick purchased its competitor from CVC Capital Partners, a private investor group that has owned a …

Dean & Draper Acquires Houston’s Texas Printers Insurance

Dean & Draper Insurance Agency LP has acquired Houston-based Texas Printers Insurance Agency (TPIA). TPIA specializes in risk management and property/casualty insurance. The agency also offers employee benefits for members of the printing industries of the Gulf Coast Association, as …

Generali to Sell Belgian Operations to Athora Holding for $668.3M in Cash

Italy’s Generali has agreed to sell its Belgian operations to Athora Holding Ltd. for approximately €540 million ($668.3 million) in cash. The transaction is expected to close in the second half of 2018, subject to regulatory approvals. Generali Belgium S.A. …

DFW Capital Partners Becomes Majority Owner of New York’s ReSource Pro

DFW Capital Partners, a 35-year-old private equity firm based in New Jersey, has completed an investment in ReSource Pro, becoming the company’s majority owner. ReSource Pro, a New York-based provider of operations efficiency and business process solutions for the insurance …

Malaysia’s Maybank Plans to Spin Off Etiqa Insurance Unit: Sources

Malayan Banking Bhd (Maybank), Malaysia’s biggest bank, is preparing to spin off and list its Etiqa insurance arm on the local stock exchange, sources with knowledge of the matter said on Wednesday. Etiqa, which operates in Malaysia, Singapore, the Philippines …

Explaning Ant Financial’s $150B Valuation – and Investor Enthusiasm for China Tech

Ant Financial’s rapid climb to become the world’s biggest super unicorn valued by some investors at around $150 billion showcases investor enthusiasm for the biggest Chinese tech companies and also how quickly valuations can shift. Just two months ago, bankers …