Talanx’s Langenbach: €1.4bn LatAm deal helps regional diversification driveTalanx retains an appetite for further M&A in Mexico following its €1.4bn acquisition of a number of Liberty Mutual’s Latin American businesses, part of a drive to create a more balanced portfolio, board member Wilm Langenbach has said.
Berkley confirms Breckenridge’s insurance services division sale to AP’s AccretiveWR Berkley has sold the Insurance Services division of wholesale subsidiary Breckenridge IS to AssuredPartners’ wholesale operation Accretive and will record an $86mn pre-tax investment gain tied to the divestment within its Q2 results - confirming The Insurer’s earlier report that a deal was imminent.
Marsh McLennan Agency acquires Texas-based SOLVMarsh McLennan Agency, the middle market subsidiary of Marsh, has acquired SOLV Risk Solutions, an independent agency based in Austin, Texas that was founded in 2016.
Ardonagh continues European expansion with deal for Greece-based SRSPrivate equity-backed Ardonagh Group has expanded its European footprint to Greece following the acquisition of a majority shareholding in the SRS Group of Companies.
French competition watchdog launches probe into CCR Re saleFrance’s competition watchdog has launched an inquiry into the sale of French open market reinsurer CCR Re to a consortium made up of mutual insurers SMABTP and MACSF.
RT’s Turner: Strong M&A pipeline after “tremendous fit” Socius dealRyan Specialty is buying Socius Insurance Services because it is a “tremendous strategic fit” and the buying firm sees further potential acquisitions for its wholesale brokerage RT Specialty as well as its delegated underwriting authority business, according to group president Tim Turner.
Velocity buys E&S platform from State National ahead of expected $100mn+ summer launchVelocity Risk Underwriters has signed a deal to acquire Independent Specialty Insurance Company from United Specialty – part of Markel-owned State National – which it will capitalize with over $100mn of surplus ahead of a planned launch this summer as a surplus lines carrier, E&S Insurer understands.
White Mountains looks to bolster MediaAlpha holding with tender offerWhite Mountains Insurance Group is looking to add to its majority holding in insurance focused marketing technology company MedaAlpha after it initiated a cash tender offer to buy up to five million shares in the business for $10 a piece.
Reagan survey: Private broker organic growth hits record 11.1% in Q1The organic growth recorded by US private brokers in Q1 was the highest quarterly figure ever recorded by Reagan Consulting’s Growth and Profitability Survey, with the advisory firm also reporting that M&A multiples showed no change in the quarter despite the contraction of public broker multiples.
Guy Carpenter “on the offense” for further M&A to build on Israeli dealGuy Carpenter has affirmed it is “absolutely on the offense” regarding acquisition activity across reinsurance broking despite the consolidated landscape and broker-on-broker raids as rivals alike adopt increasingly zealous expansion strategies.
Talanx acquires Liberty LatAm operations in ~€1.38bn dealGerman Holding Company Talanx Group has become the third-largest P&C insurer in Latin America after acquiring a number of Liberty Mutual’s businesses in Brazil, Chile, Colombia, and Ecuador.
Guy Carpenter to acquire Israeli reinsurance broker Re SolutionsGuy Carpenter is set to acquire Israel-based independent reinsurance broker Re Solutions in a transaction expected to close later in the quarter.
Inszone adds to California capabilities with Citizens General dealInszone has strengthened its operations in its native California after acquiring Citizens General Insurance Brokers, a deal which adds to its existing capabilities in the small commercial and construction industries.
Liberty Company negotiating with at least four agencies to unwind dealsLA-based retailer Liberty Company is in negotiations with at least four agencies acquired in recent years to unwind those deals with a number of others exploring avenues to buy back their firms, The Insurer can reveal.
RenRe looks to raise almost $1.4bn from public offering to support Validus Re dealRenaissanceRe is looking to potentially raise almost $1.4bn from the public offering launched in the wake of the announcement that it plans to acquire Validus Re in a $3bn deal.
Acrisure targets larger M&A including wholesale and MGAs as number of deals moderatesAcrisure has so far done around 30 deals this year but expects the number of transactions to potentially fall as it looks to larger acquisitions including targeting the build out of its wholesale and MGA platforms as well as its international presence, The Insurer can reveal.
Clear Blue, Sutton National in the frame as fronting M&A interest picks upClear Blue has been the subject of at least one recent unsolicited approach from a potential buyer while Sutton National backer 777 Partners is among a number of fronting carrier owners evaluating options that could include a sale, amid broader expectations of heightened M&A activity in the crowded sector, Program Manager can reveal.
Panel: Cost of capital impacting specialty M&A on both demand and supply sideThe M&A environment in the specialty space has changed since the “golden age” of 2021 and 2022 with the increased cost of capital leading to fewer active buyers as well as fewer sellers, although valuations remain strong for best-in-class operations, according to speakers at the Program Manager 2023 conference.
Kentro’s Thompson: Brown & Brown deal will “accelerate and amplify” growth trajectoryKentro Capital’s £380mn ($472mn) acquisition by US broker Brown & Brown will accelerate the London MGA/intermediary’s growth targets in the short to medium term while providing the firepower for future transformational M&A, founding CEO Colin Thompson has said.
HSCM puts London MGA Occam up for saleHudson Structured Capital Management has appointed bankers and is exploring a sale of its majority stake in London-headquartered MGA Occam Underwriting, The Insurer can reveal.