Business Moves & Mergers News

Truman Taylor Insurance Closes, Joins Galveston Insurance Associates

Texas Sen. Larry Taylor, president of Truman Taylor Insurance in Friendswood, is closing his agency after 55 years of operation and joining Galveston Insurance Associates (GIA), effective Dec. 15. GIA has been operating on Galveston Island for 125 years and …

American Family Insurance Acquires Data Analytics Firm; Also Home Tech Firm

American Family Insurance said it intends to accelerate its use of data, advanced analytics and artificial intelligence (AI) with its purchase of Chicago-based data and analytics software company Networked Insights. American Family is a Networked Insights client and has been …

Brightway Insurance Continues U.S. Expansion with First New Jersey Store

Brightway Insurance is continuing its expansion across the U.S. with the opening of its first store in New Jersey. Brothers Michael, Robert and Ray Norton will open Brightway, The Norton Agency in Blackwood, N.J., on December 18. Brightway also opened …

Fidelis Takes Equity Stake in New MGA Firestone Surety

Fidelis Insurance announced it has taken an equity stake in a new managing general agent (MGA) Firestone Surety Ltd., and will provide underwriting capacity. Details about the amount of Fidelis’ investment and capacity provision were not released. London-based Firestone will …

Pioneer Underwriters Gets Lloyd’s Approval to Launch Syndicate 1980 on Jan. 1

Pioneer Underwriters announced it has received approval from Lloyd’s for Syndicate 1980 to commence underwriting business attaching on or after Jan. 1, 2018. Pioneer Syndicate 1980 will have a gross premium income of £278 million ($371.2 million) and will underwrite …

Munich Re to Increase Shareholding in Global Aerospace to 51%

Global Aerospace, the London-based provider of aerospace insurance, announced that Munich Re has agreed to purchase an additional 11 percent of the shares in Global Aerospace Underwriting Managers Ltd., the company that manages the Global Aerospace Pool. Following the acquisition, …

UK’s Bretton Woods International Gets UK Regulatory Nod, Becomes Lloyd’s Broker

Bretton Woods International (BWI), the specialist insurance broker and managing general agent, has received a license to operate in the UK as an independent broker and, at the same time, is now registered as a Lloyd’s broker. London-based BWI was …

UK MGA Plum Opens Underwriting, Support Center in Basildon, England

Plum Underwriting, the specialist home insurance managing general agent in the UK market, has opened an underwriting and service center as part of its strategy to support continued growth. The center, located in Basildon, England, brings together underwriting, claims, pricing, …

Factbox: More Insurers Make Decisions About Post-Brexit Headquarters

Liberty Specialty Markets said it planned to redomicile its UK insurance company to Luxembourg, as a result of Britain’s decision to leave the European Union. Below are insurers’ plans for EU subsidiaries (in alphabetical order) in case Britain does not …

Brit Launches Bermuda-Based Collateralized Reinsurer Sussex Capital

Brit Ltd., the London-based specialty insurer and reinsurer, has launched a Bermuda-domiciled collateralized reinsurance platform, Sussex Capital. Sussex Capital, through Sussex Re, a newly established Bermuda-domiciled special purpose insurer, will write direct collateralized reinsurance while also providing collateralized reinsurance to …