Marsh McLennan Agency buys Fisher Brown Bottrell Insurance in $345mn all-cash dealMarsh McLennan Agency (MMA) has struck a deal to acquire bank-owned top-100 agency Fisher Brown Bottrell Insurance (FBBI) in a $345mn all-cash deal that values FBBI at almost six times its $58mn 2023 revenue and 28 times its latest net income.
MNK Group targets LatAM growth with Oceánica acquisitionMNK Group, the ultimate owner of specialist Lloyd’s broker MNK Re, has acquired Oceánica de Seguros, an insurer based in San José, Costa Rica.
Optis: Q1 North American agent/broker M&A lowest in 15 quartersThe 155 North American agent and broker M&A transactions in the first quarter was the lowest since the peak of the Covid-19 pandemic in Q2 2022, according to Optis Partners.
Aon and NFP expect $13.4bn deal to close on or around 25 AprilAon’s $13.4bn deal to buy smaller retail broking rival NFP from its private equity backer Madison Dearborn is expected to close on or around Thursday (25 April) this week, according to a Securities and Exchange Commission filing late on Friday.
Jensten secures £170mn funding boost for growth in 2024Private equity-backed Jensten Group has secured £170mn ($211mn) in growth capital from long-standing partners LGT Private Debt and Bridgepoint Credit in a move designed to fuel the expansive UK broker consolidator’s M&A strategy over 2024.
Applied UW sells Centauri to Arbol sub and redeploys capital to E&S HNW homeownersApplied Underwriters is selling its Florida-based admitted carrier Centauri Insurance to Arbol’s newly formed Lilypad Insurance business, with capital freed up by the sale redeployed to support its entry into the E&S high-net-worth homeowners space, The Insurer can reveal.
Gallagher adds to Louisiana capabilities with F&G acquisitionArthur J Gallagher has strengthened its presence in Louisiana following the acquisition of Metairie-based personal and commercial property and casualty broker Fontenelle & Goodreau Insurance.
Allianz completes sale of majority stake in Middle East unit to ADNICAllianz Group has completed the disposal of its 51 percent stake in Allianz Saudi Fransi in Saudi Arabia to regional insurer Abu Dhabi National Insurance Company.
Omaha National acquires CA-based Sutter as step towards full-stack transitionTech-enabled workers’ compensation provider Omaha National Group has acquired Sutter Insurance Company, based in California.
Relation acquires Texas-based Jones & Lowe AgencyCalifornia-based broker Relation Insurance Services has acquired the assets of Jones & Lowe Agency, based in Texas.
Inszone strengthens CA presence with James Kelly Insurance acquisitionInszone Insurance Services has acquired California-based James Kelly Insurance.
CFC expands in Australia with Solution Underwriting dealCyber specialist CFC has agreed to acquire managing general agent Solution Underwriting in a deal that will significantly bolster its footprint in Australia.
James River completes $277mn sale of treaty business to FlemingJames River Group Holdings announced late Tuesday that Fleming Intermediate Holdings has completed its acquisition of the Bermudian specialty platform’s treaty business JRG Reinsurance Company on the previously agreed terms, following a legal spat between the parties related to reserving.
Dual confirms Swiss Re marine acquisitionHowden-owned MGA Dual has confirmed its acquisition of Swiss Re’s Genoa-based marine team, with Andrea Cupido to lead the unit's European marine team as executive chairman.
Higginbotham acquires Louisiana-based Eagan InsuranceIndependent insurance firm Higginbotham has acquired Eagan Insurance, based in Metairie, Louisiana.
Howden acquires Irish broker Curran ConnollyHowden has acquired Irish commercial and personal lines broker Curran Connolly & Company.
BNP Paribas to acquire Fosun's ~9% stake in AgeasBNP Paribas has penned an agreement with China’s Fosun Group to acquire its circa 9 percent stake in Belgian insurer Ageas for an estimated €730mn ($780mn).
R&Q to sell corporate legacy JV stake to Obra Capital; anticipates “significant” pre-tax loss in 2023R&Q Insurance Holdings has reached an agreement to sell its share in a joint venture with Obra Capital to the investment fund in a deal worth $30mn, as the London-listed firm warned that it expects to post a “significant pre-tax loss” for 2023.
World continues acquisitions pace with InterWeb dealExpansive intermediary World Insurance Associates acquired the business of Arizona-based InterWeb Insurance in a deal that closed on 1 April for undisclosed terms.
PIB Group enters Romanian market with STEIN Bestasig dealPrivate equity-backed broker consolidator PIB Group has added Romania to its European footprint with the acquisition of STEIN Bestasig.