Exor: “difficult” $9bn PartnerRe-Covéa deal will proceed despite pandemic
The CEO of Italian investment firm Exor has vowed to push through a series of transformative deals, including its $9bn sale of (re)insurer PartnerRe to French mutual Covéa, despite the market turmoil wrought by the coronavirus pandemic and speculation it might disrupt the latest (re)insurer M&A deal this year.
Peak Re continues ILS expansion with Lutece acquisition
Fosun-owned Peak Re has continued to bolster its ILS capabilities with the acquisition of Bermuda-based ILS asset manager Lutece Holdings and its subsidiary Lutece Investment Management.
One80 buys program specialist International Excess Program Managers
Expansive One80 Intermediaries has completed its largest acquisition to date with a deal to buy wholesale broker and program manager International Excess Program Managers (IEPM).
VJ Dowling builds stake in auto carrier Protective
VJ Dowling has built a 5.7 percent stake in the voting Class A common shares of US commercial auto specialist carrier Protective Insurance Corporation and is considering further increasing the holding, including with the purchase of shares from significant investors in the company.
Cypress creates single regional carrier platform to target growth
Cypress Group Holdings is merging its Florida and Texas homeowners insurance subsidiaries with an affiliated Louisiana-based insurer to create a single regional carrier with around $50mn of surplus as it looks to expand across the four states it operates in, The Insurer can reveal.
Miller sale process delayed as owner WTW undertakes Covid-19 impact test
The proposed sale of Miller has been delayed with advisor Goldman Sachs notifying circa twenty potential first round bidders that WTW undertakes a Covid-19 impact study on the blue-chip London wholesaler.
R&Q sells UK MGA Trilogy to Lloyd’s coverholder Resolution Underwriting
R&Q MGA Limited has sold its stake in technical underwriting MGA Trilogy to Resolution Underwriting Holdings for an undisclosed sum.
Lloyd’s to take 40% stake in PPL as it outlines 2020 transformation targets
Lloyd’s will take a 40 percent stake in the London market’s electronic placing platform (PPL) as it commits to building a complex risk platform infrastructure as one of its key 2020 priorities in CEO John Neal’s “Future at Lloyd’s” transformation programme.
US retailer Heffernan close to acquiring London broker Prospect
A Lloyd’s intermediary backed by US retail broker Heffernan Group is closing in on a deal to acquire London market broker Prospect Insurance Brokers (PIB), The Insurer can reveal.
Peak Re continues ILS expansion with Lutece acquisition
Fosun-owned Peak Re has continued to bolster its ILS capabilities with the acquisition of Bermuda-based ILS asset manager Lutece Holdings and its subsidiary Lutece Investment Management.
One80 buys program specialist International Excess Program Managers
Expansive One80 Intermediaries has completed its largest acquisition to date with a deal to buy wholesale broker and program manager International Excess Program Managers (IEPM).
VJ Dowling builds stake in auto carrier Protective
VJ Dowling has built a 5.7 percent stake in the voting Class A common shares of US commercial auto specialist carrier Protective Insurance Corporation and is considering further increasing the holding, including with the purchase of shares from significant investors in the company.
Agent/broker M&A falls in Q1 with further slowdown expected: Optis
Optis Partners has revealed the first quarter included significant US agent/broker deals involving Marsh & McLennan Agencies, World Insurance Associates and Risk Strategies but acquirers hit the brakes in March with a further slowdown expected in the second quarter.
Aon-Willis deal now worth only $20.6bn amid equity market turmoil
The aggregate value of Aon stock offered to Willis Towers Watson shareholders under the agreed takeover deal announced only nine days ago has plunged 31 percent from $29.9bn to $20.6bn.