Posts Tagged

M&A

Bermuda-based Athora Holding in June 2019 announced plans to acquire Netherlands-based Vivat from Anbang Group Holdings along with NN Group of The Netherlands. NN will become the new owner of Vivat Schadeverzekeringen (Vivat Non-Life). Athora will retain Vivat’s life and asset management businesses. The acquisition in the Netherlands comes soon after Athora’s January 2019 acquisition of Generali’s operations in Belgium. It is in line with the company’s external growth

Swiss insurer Baloise in April 2019 said it is acquiring the Belgian insurer Fidea for 480 million euros ($543 million) from China’s state-controlled Anbang Insurance Group to boost its position in the Belgian non-life and life insurance market. The acquisition of Antwerp-based Fidea means that Baloise will employ around 1,600 employees in Belgium. Baloise said the deal will increase its share of the non-life business in Belgium by 1.7

Luxembourg-based captive manager Sogecore in April 2019 acquired Abacus Risk Management Services in Malta. Abacus manages and operates captives and insurance carriers on behalf of their owners; it also offers Protected Cell Company (PCC) services. What is a PCC? A PCC is essentially a slice of a single insurance or reinsurance carrier that operates separately from other such slices in the same carrier. The carrier’s license and support functions

Munich Re-owned ERGO Group, which includes ERGO Deutschland, ERGO International, and ERGO Digital Ventures, in March 2019 sold four ERGO International subsidiaries to the Euroins Insurance Group (EIG) for an undisclosed amount. The sale involves ERGO’s life and non-life subsidiaries in Romania and the Czech Republic as well as its non-life company in Belarus. In 2017 they had a combined gross written premium of €72 million. The purchase agreement

Aon in March 2019 announced, then cancelled plans to merge with Willis Towers Watson (WTW) in what would have been the industry’s largest ever merger. The cancellation announcement was made just one day after Aon announced it was considering a takeover bid for WTW. According to a statement released on Tuesday, March 5, Aon was in the early stages of exploring an all-share tie-up with WTW, and indicated that

Max India in February 2019 sold its 51% stake in Max Bupa Health Insurance to private equity firm True North for USD 72 million. Max Bupa Health was co-owned by Max India, itself owned by Max Group. The Max Group is an Indian conglomerate with a presence in life insurance, health and related businesses, as well as in manufacturing. Max Group also owns Max Life Insurance through its Max

French social protection group (SPG) Malakoff Médéric Humanis (MMH) in January 2019 arose from the merger of the two former Malakoff-Médéric and Humanis SPGs. As the new French market leader in group life and health insurance (market share 17%), MMH has 426,000 corporate clients with 10 million people insured. Furthermore, it is the recommended employee benefits provider for 93 professional sectors, a significant competitive advantage. In pensions, MMH has

French insurance group Apicil in January 2019 announced it has completed the acquisition of Luxembourg life insurance company OneLife. Luxembourg regulator CAA has granted its approval. OneLife has more than €5.2 billion in assets under management and employs more than 150 staff across Europe. It focuses on wealth management and asset management services to ultra-high-net-worth (UHNW), high-net-worth (HNW) and highly affluent clients. Apicil, the fourth largest social protection group

Bermuda-based Athora Holdings in January 2019 completed the acquisition of Generali Belgium, first announced in April 2018. The final consideration paid is approximately €540 million. Generali Belgium has 530,000 customers and sells a range of life and non-life insurance policies through around 1,000 independent brokers. In 2017, total premium income amounted to €640 million and assets to €6.5 billion. The company will be rebranded to Athora Belgium in the

Hong Kong-based property and infrastructure group New World Development (NWD) in January 2019 acquired FTLife Insurance, Hong Kong, from JD Group. NWD, through its subsidiary NWS Holdings, paid HK$21.5 billion (US$2.75 billion) for FTLife. The deal is one of the top five insurance M&As ever in Hong Kong. Beijing-based Chinese financial firm JD Group in November 2018 had put FTLife up for sale. It was reported to be looking for

American International Group (AIG) in December 2018 announced that it has completed the acquisition of Ellipse, a specialist group life, critical illness and income protection carrier in the UK, from Munich Re. Ellipse CEO Lee Lovett reports to Adam Winslow, CEO, International at AIG Life & Retirement. AIG expects Ellipse’s expertise in group protection and its technology to significantly enhance existing AIG Life operations. AIG Life will now distribute

French regulator ACPR in November 2018 gave its final approval to the merger between Malakoff Médéric and Humanis, effective January 1, 2019. Both companies are paritarian institutions and offer supplementary pensions and life and health insurance. The new leadership team announced in December 2018 includes: Thomas Saunier, CEO Michel Estimbre, Deputy CEO, in charge of supplementary pensions, Human Resources, IT, underwriting, and operations; Christophe Scherrer, Deputy CEO, in charge

Global brokerage Arthur J. Gallagher (Gallagher) in October 2018 acquired global employee benefits and global mobility firm Richter International Consulting, based in Issaquah, Washington – U.S.A, near Seattle. Richter International designs international benefits programs for multinational companies and nongovernmental organizations (NGOs) and their employees. Offerings include: expatriate health plans, international employee assistance plans (EAP), international medical and security assistance programs, traveler medical insurance, business travel accident insurance, disaster preparedness

American International Group (AIG) in September 2018 acquired Glatfelter Insurance Group, a Pennsylvania-based full-service broker and insurance company that provides services for specialty programs and retail operations. Headquartered in York, Pennsylvania, Glatfelter “brings high-quality program underwriting capabilities that will accelerate the strategic positioning of AIG’s general insurance business,” AIG said in a statement. Glatfelter is a large privately owned U.S. insurance broker and has more than 500 employees. Its

Gallagher in September 2018 acquired Wheatman Insurance Services from Woodland Hills, California, a retail property/casualty broker that also offers employee benefits consulting services. Since January 1, 2018, Gallagher has closed 26 acquisitions for an total amount of approximately $240 million.

U.S. insurance carrier Travelers in August 2018 acquired a reported 60% stake in Canadian insurtech broker Zensurance. Based in Toronto, Ontario, Zensurance offers online commercial lines broker services and will continue to work independently. Founded in 2016, Zensurance creates segmented insurance packages for each industry. It says it has more than 2,500 clients in Canada and works with over 40 insurers. Zensurance CEO Danish Yusuf and CTO Sultan Mehrabi keep

U.S. insurance carrier Allstate in August 2018 acquired identity theft services company InfoArmor for $525 million. Allstate’s stated intent is to grow its employee benefits business. According to Tom Wilson, Chairman, President and CEO of Allstate, in 2017 “there were over 16 million victims of identity fraud [in the U.S.], which resulted in over $16 billion of losses.” InfoArmor is a private company with headquarters in Scottsdale, Arizona. Its

German HR consulting firm Lurse in August 2018 announced the acquisition of the business interest of one of the partners of pension software provider Deutsche Pensions Group (DPG) who is retiring, while majority shareholders Ulrich Mix and Dr. Otmar Stüpp stay with the company. DPG will continue to be managed independently and be headed by Mr. Mix. A member of the Worldwide Broker Network (WBN), Lurse is an HR

Marsh & McLennan (MMC)’s health, wealth and career consulting arm Mercer in August 2018 acquired the investment consulting, alternatives consulting and wealth management operations of Pavilion Financial. Pavilion is a global investment services firm with about 300 employees, headquartered in Winnipeg, Canada. It has offices across North America, in London, U.K., and in Singapore. In the U.S., Pavilion focuses on the defined contribution (D.C.), endowment and foundation, healthcare and

Conduent, itself a 2017 Xerox spinoff, in May 2018 announced and in August 2018 completed the spin-off of its consulting business formerly known as Buck Consultants. Private equity investment firm H.I.G. Capital acquired Conduent’s human resources consulting and outsourcing businesses in the U.K. and in Canada as well as its U.S. human resources consulting and actuarial business, forming again what once was actuarial firm Buck Consultants. The new-old firm

Aegon in August 2018 sold the last block of its life reinsurance business to French reinsurer Scor Global Life. Aegon’s U.S. subsidiary Transamerica will reinsure an additional USD 700 million of liabilities through Scor Global Life. In December 2017, Aegon had agreed to divest USD 750 million of life reinsurance liabilities to Scor. It also dissolved a related captive insurance company. Technically, Aegon’s Transamerica life subsidiaries reinsured about half

French social protection group Apicil in August 2018 acquired Luxembourg-based individual life insurance carrier OneLife from its owner, U.S. private equity firm J.C Flowers. Apicil has a €2.4 billion turnover and specializes in health and life insurance, pensions, as well as savings and financial services. As a paritarian institution, Apicil is akin to a mutual that is co-managed by trade unions and employers’ representative bodies. Headquartered in Lyon, France,

Gallagher in July 2018 acquired employee benefits, group retirement, and individual insurance broker and consultant Belton Boisselle in Winnipeg, Manitoba (Canada). Belton Boisselle has clients across Western Canada, primarily in Manitoba and Saskatchewan. The broker provides group benefit and retirement plans, individual life and living benefits, as well as investment strategies. Belton Boisselle president Roger Belton, president of group benefits and pensions Kasey Boisselle, and their associates will stay

British insurtech firm Bought By Many in July 2018 raised £15 million (approximately USD 20 million) when insurance broker Marsh announced it was investing in the peer-to-peer insurtech startup firm. Bought by Many’s concept is bringing together groups of insurance buyers via its online platform and getting better terms and/or perks from insurance carriers for these blocks of clients. To date, the website offers standardized coverage for individuals, sole

Risk Strategies, a privately held U.S. brokerage and risk management firm, in July 2018 acquired Oxford Risk Management Group, a Sparks, Maryland-based provider of alternative risk and captive insurance and consulting. Terms of the deal were not disclosed. Established in 2010, Oxford Risk Management Group specializes in conducting captive feasibility analysis, coordination and management of turn-key captive insurance company arrangements, both domestically and internationally. The company is led by

Generali in July 2018 sold Generali Worldwide Insurance Company and Generali Link to Life Company Consolidation Group (LCCG). LCCG is based in London and owns Utmost Wealth Solutions and Reliance Life. Utmost, a provider of international savings, protection and investment solutions into the UK, Continental Europe and Asia, operates from Ireland and the Isle of Man. It manages over £22bn of assets. Reliance Life is a London-based run-off manager

Assicurazioni Generali in July 2018 sold an 89.9% stake in Generali Leben life insurance to a partnership which includes Viridium Gruppe and Hannover Re.  Viridium is owned by London-based private equity firm Cinven (80%) and global German reinsurer Hannover Re (20%). Generali Leben is valued at up to € 1 billion, including €125 million as earn-out in case of changes in the rules regulating the allocation to ZZR1 technical