M&A

Founder and CEO of Nascent Andre Perez will join Sephira’s board of directors.

Seller White Mountains will retain a roughly 15% fully diluted equity stake.

The business has been ~70% owned by White Mountains since January 2024.

Spectrum joins investors ForgePoint, Hudson and MTech.

The deal is expected to result in $700mn in combined GWP in Florida upon completion.

The leadership’s commentary spotlighted to value of ILS to the group.

It is understood that CyberCube has been considering a sale of the business.

The Japanese carrier faces integration challenges to make a success of the deal.

Aspen Capital Markets earned $169mn in fee income in 2024 alone.

The purchase brings Sompo an established ILS platform as part of the deal.

The Bermudian firm has an active ILS division, unlike the Japanese conglomerate’s insurance divisions.

The transaction is expected to close later this year.

Nationwide will delegate management of the policies to Ryan Specialty.

M&A and shifts in distribution arrangements bring risks and opportunities.

The deal leaves premier surety as Travelers' sole Canadian portfolio.

The reinsurer said the probe concerns the alleged involvement of its former chairman.

The acquisition expands its global employee benefits business to ~4,000 global employees.

Guernsey’s TISE listed the world’s first private cat bond issued by Solidum Re in 2011.

The firm will match segregated accounts of portfolios to investor mandates.

The combined entity ranks third in the Insurance Insider ILS leaderboard.

Compressed cat bond spreads could drive some rebalancing, as M&A remains a prospect.

The deal comes around three years after Markel sold a controlling interest in Velocity for $181.3mn.

Casualty ILS made inroads, while hurricane hedging strategies came into focus.

The Swiss-based team of Siglo has transferred to Cambridge Associates.

Redington provides services to UK pension funds, wealth managers and institutional investors.

The Risk International team will remain in its current location, under Jennifer Gallagher.

The denial followed this publication’s report that Covéa had renewed its intentions to buy the reinsurer.

The mutual’s approach comes as Scor continues efforts to fight back from performance issues including a flare-up in L&H.

The transaction complements its previous acquisition of RMS in 2021.

The deal will boost the investment consultancy’s ILS capabilities.

Winning higher-fee private ILS mandates will strengthen firms’ negotiating positions.

The deal will include Axa IM’s alternatives funds including ILS.

The combined Twelve-Securis entity would be a top-five ILS firm currently.

Urs Ramseier will be CEO and Herbie Lloyd CIO.

The sale is expected to be completed by the end of the year.

Sources said that Japanese big-three carrier Sompo and Italian insurance giant Generali are circling.

Former Teneo M&A head Alexander Schnieders will lead the unit.

The management’s buyback acquisition brings an end to the two-year relationship.

GeoVera’s MGAs will sell to SageSure and insurance companies will merge with SafePort.

The Lloyd’s legacy business has been placed up for sale, along with other units.

The outlook for M&A activity is brighter after 2023 returns.

Arm is based in Guernsey and has a Bermudan management licence.

The newly launched Marco Re will be led by Mark Elliott as CEO.

A non-binding term sheet was signed on October 6, whereby the buyer will acquire 100% of Interboro’s issued and outstanding securities in exchange for cash.

BCCL will be rebranded to Nascent Advisory Services Ltd as part of the transaction.

The business specialises in space and terror risks.

The private equity firm is targeting $1trn in assets under management for the combined segment.

Frontier’s employees, including director and co-founder Peter Brodsky and CEO Derek Winch, will remain in their current roles.

The two parametric businesses will be brought together as the UK and German governments sell out.

The vehicle will focus on middle-market transactions in the US and Europe across the insurance value chain.

The firm has moved to defend its plans against a rival strategy supported by a small group of investors.

The carrier has agreed to acquire the former Credit Suisse ILS unit, following the acquisition of sister company Humboldt Re in 2021.

Financials Acquisitions Corp is looking to extend its merger deadline and raise “substantial” extra funds.

Removing any competitor is a positive for ILS peers in a competitive time for fundraising, but it is not clear how much of a boost this will give RenRe.

The takeover will push it up two places to rank as the fifth-largest writer of P&C reinsurance by gross premium.

AIG will invest a significant amount into Fontana and DaVinci.

The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.

The deal includes AIG's AlphaCat platform.

The AJ Gallagher-owned ILS services provider is expanding its footprint globally.

The non-catastrophe ILS platform hit a valuation of $1bn after a Series C funding round.

The acquisition gives UK asset manager Liontrust a broader European footprint and cat bond products.

Bay Risk will become part of Gallagher Re’s Global Programmes practice group, led by Andrew Moss.

The reinsurer said in its Q4 earnings call that Argo’s takeover further diversifies its operations and adds a foundational piece to its expanding P&C activity in the US.

The international reinsurance unit booked almost EUR1bn in revenue in 2022.

The group aims to make CCR Re more "autonomous".

Bowood managing director Stephen Greener will chair the entity, which is to place $6bn in GWP.

Vesttoo's aim for the partnership is to bridge the gap between the insurance and capital markets, scaling insurance-linked investments as a source for reinsurance capacity.

The acquisition will enable the Japanese carrier to expand further into the US and across a host of insurance lines, including property and marine.

There is no guarantee that the process will yield a particular transaction.

The former Chubb exec will remain on the board as an independent director, along with president and CEO Jacques Bonneau.

The French mutual’s CEO Thierry Derez and chief of staff Sylvestre Frezal said the deal is a strategic move to adapt to new forms of risk.

Kiln and UPC partnered to form the insurer in 2018, but it was merged into American Coastal earlier this year

FedNat will retain a minority interest along with representation on the board.

Elliott Management, the other key suitor for the business, is understood to have dropped out of the auction.

This is UPC’s latest attempt to downsize after offloading part of its personal lines business to HCI.

After securing a $1.6bn deal to acquire TigerRisk, Howden said the transaction will create a “much-needed fourth global player” in reinsurance.

This publication first revealed that the two parties were working on the deal last month.

Sources indicated talks have been conducted using an adjusted Ebitda figure for TigerRisk of around $85mn-$90mn, which is far higher than previously thought.

It is understood that the highest bidder was a consortium formed by Fortitude and Global Atlantic.

A takeover would boost Howden’s burgeoning reinsurance portfolio.

The deal propels HSCM total AuM and capital commitments to above $4bn.

Many hybrids, unless they are willing to take a meaningful financial hit to secure a divestiture, will have to stick with their reinsurance businesses through the current cycle.

The carrier also revealed $30mn in Russia-Ukraine Q1 losses.

Jefferies has been awarded the mandate to seek a buyer for the segment.

Acrisure entered into a definitive agreement with Markel in March to acquire the MGA.

The retro fund has redeemed 99% of share capital, returning around $106mn to public fund investors.

The deal will also provide $100mn in new equity funding to the legacy carrier.

The purchaser is known for having a very low cession ratio, although it said it would leave Alleghany to operate independently.

The acquirer has forecast premiums of $1bn by 2025 at the multi-class coverholder

The transaction will create a reinsurance entity roughly on a par with Scor in terms of net reinsurance premium.

The deal values the TransRe owner at 1.26 times book value as of 31 December 2021, and represents a 29% premium on its stock price.

Completion of the buyout remains subject to US bankruptcy courts recognising the agreement.

The MGA was sold to Oaktree Capital in February.

The new company will focus on expanding into US coastal areas.

The deal is expected to close in Q2.

The firm has been in run-off since late 2020, and another former Credit Suisse affiliate was recently sold to legacy writer Marco.

Nephila will maintain a minority holding in the MGA, which is looking for paper from more reinsurers and ILS firms.

The deal follows a similar transaction on northeast business in January.

The reincarnated $9bn deal is moving a step closer to completion.

The target firm deals in engineering, energy, P&C and specie.

The investor agreed to buy Ascot in 2016 and Wilton in 2014.

The deal was struck in the wake of the collapse of Aon and Willis Towers Watson’s merger.

As part of the deal, Heritage will transfer ownership of carrier Pawtucket and MGA First Access, as well as claims and underwriting data.

As a result of the deal, EY, through its wholly owned subsidiary Shackleton, becomes a minority shareholder in IncubEx.

The Bermudian fund bought £280,000 of shares in the Lloyd’s investment platform.

The watchdog had been due to announce a decision on a further inquiry by 29 November.

Fairfax has entered into an agreement with the Canada Pension Plan Investment Board (CPPIB) and the Ontario Municipal Employees Retirement System (Omers), where each of them will acquire a 4.995% stake in Odyssey Group for an aggregate cash consideration of $900mn.

Markel Catco announced that its proposed buyout of investors will be delayed until the first quarter, as a Bermuda court adjourned hearings on the scheme into early December.

However, the deal is low-to-mid ranking in terms of book multiple.

The two parties had previously negotiated a $9bn deal for the reinsurer last year, which was later scrapped.

The speciality insurer is also providing multi-year capacity and paper to the climate risk shop.

The transaction is to increase the run-off specialist’s balance sheet significantly.

The deal marks a return for Spencer Re founder and Taussig CEO Joseph Taussig.

After the acquisition, the Beech team will continue to be led by Geoff Stilwell, Andrew Woodhams and Matt Gates.

The Competition and Markets Authority will investigate whether the deal lessens competition in the UK.

The Credit Suisse-backed firm produced a small profit in the first quarter of 2021, the ratings agency said.

The managing general agency is looking for new lines of business, having seen its cyber team and capacity provider depart ahead of renewals earlier this year.

The broker has explained the rationale for its $3.25bn acquisition of Willis Re on an investor call.

After the collapse of the Aon-Willis merger, Gallagher has successfully resurrected the deal that will catapult its reinsurance operation into the big league.

American National CEO Jim Pozzi said the acquisition would be an “energizing moment” in the carrier’s history.

Moody’s expects RMS, which had about $320mn in revenue around $55mn in operating income last year, to become accretive to earnings by 2025.

Sources have said a deal could be signed as soon as the middle of the week, with a valuation higher than the last agreement.

The collapse of the Aon-Willis deal will have no noticeable impact on the ILS broking business, as the market waits to see what the fate of the Willis Re team will be.

The companies disclosed that Aon will pay Willis the $1bn break fee.

As part of expansion plans, Ki has also signed a stock purchase agreement to acquire an inactive insurance carrier that holds licenses in more than 40 states.

The potential transaction is expected to complete in the third quarter.

The brokers have offered to divest Willis’ largest corporate risk and broking clients to Gallagher’s Crombie Lockwood.

The competition watchdog has approved the acquisition of Willis Towers Watson by Aon if the latter complies with a ‘substantial set of commitments’, including the divestment of central parts of Willis’s business to Gallagher.

Aon will have to wait until November at the earliest to argue the case in Federal Court for its $30bn merger with Willis Towers Watson.

The Commerce Commission has extended its review of the merger by another six weeks.

The French mutual has been looking to expand, with recent unsuccessful attempts to acquire Scor and PartnerRe.

The broking houses also said they "remain fully committed to the benefits of [their] proposed combination".

The deal is designed to assuage the Department of Justice’s concerns over the Aon-Willis merger.

Century Equity Partners and WT Holdings are backing the new venture.

The US government reportedly has around 20 attorneys at work in case it decides to sue to block the deal.

The carrier cut back its treaty limit by around 13% and lowered its deductible.

The transaction will create London’s largest independent specialty and wholesale broking business.

The merging brokers have also agreed a two-year non-compete agreement on transferring Willis business.

There are few areas of overlap in the Willis Re-Gallagher Re combination but some details to be ironed out on the new executive team.

The AJG CEO vowed to invest in Willis Re assets while stressing the quality and security of the team.

The buyer says the deal involves revenue of about $1.3bn and earnings of around $357mn.

The merger partners are working towards a third-quarter completion after a side-deal they say addresses EC concerns.

CEO Talbir Bains founded the business in 2017 with backing from the market’s largest ILS manager.

The cat bond will renew an expired 2017 multi-peril deal for the US insurer.

The regulator had previously set a 27 July deadline after the merger partners offered divestments to secure regulatory approval.

Chairman Paul Folino said he expected the deal to be completed over the second quarter.

European regulators are not expected to demand additional concessions of the deal partners.

Credit Agricole served as the debt arranger, with Sompo Japan and Aioi Nissay Dowa Insurance acting as insurers.

The move follows Willis’ explorations of sales of Willis Re and European units.

Fallout from the 2019 JLT Re integration intensifies after a group including Brad Maltese were earlier reported to be set to join Howden.

It is understood that the ~$300mn fac business will be packaged along with the treaty unit.

The market has reached the stage of price hardening at which clients will challenge brokers and carriers on continuing increases, according to Aon president Eric Andersen. 

The erstwhile suitor cites falling valuations for residential property technology companies.

The $7.5bn bid requires more certainty of value and a higher cash consideration, according to CoreLogic's CEO.

EU antitrust regulators will warn Aon that its $30bn bid to acquire Willis Towers Watson may hurt competition in the broking marketplace, according to a Reuters report. 

The merger may cause price increases or reduced service levels for major insurance buyers.

The two PE firms each take a 30% stake in the business, alongside Arch management.

Executives reiterate the mid-single expansion guidance announced in March, despite growing organically by 1% in 2020.

The modeller had reportedly been the subject of an $86-per-share bid from real estate analytics firm CoStar prior to its $80 deal.

Gebauer, Kent, Pullum and Garrard are among the Willis execs named to big jobs.

Co-founders Joe King, Enda McDonnell and Adrian Ryan remain in their posts and retain minority stakes in the business.

The vehicle raised $240mn in an offering priced at $10 a share.

The deal is the latest in a slew of recent blank check listings this year.

The deal “may reduce choice” for cedants in choosing reinsurance brokers, the EC said.

The 12 Days of ILS Christmas

HCI is offering $5.2mn in stock plus up to $3.1mn cash for the portfolio.

The broker will operate as Acrisure Re and Acrisure London Wholesale.

The unit will advise on M&A, capital raising and risk securitisation.

The deal will help the Aquiline-owned syndicate diversify away from motor insurance.

This is the fourth acquisition by Ardonagh's Geo this year, following transactions involving Rural, Thames Underwriting and KGM Underwriting.

The Day 1 launch via a listing without PE cornerstone investors is an effective first for the (re)insurance sector.

The deal will accelerate the pivot of the acquirer from motor insurer to multi-class specialty player.

ILS manager Hudson Structured is among the prior owners selling Compre, after buying into the legacy firm in January.

As part of the deal Pelican Ventures and JC Flowers will provide capital for 2021 onwards, with Argo maintaining responsibility for years prior.

The tactic comes after the investors had three nominees installed on the risk modeller’s board this week.

The subsidiary was formed in the summer and is deploying capital from the sale of Maison.

The three director changes fall short of a proposal by former bidders Senator and Cannae.

It is expected that the transaction will close in the first quarter of 2021 and that Vault will retain its A- rating from AM Best.

The exec was speaking after the broker was acquired by Cinven and GIC in a multi-hundred million deal.

The transaction brings to an end five years of Willis’ majority ownership of the London market broking house.

The deal continues HSCM's progression into primary markets.

Ariel Re will focus on key lines of business, including cat, retro, marine and professional lines.

Southern Fidelity has struggled during a busy 2020 storm season because of its exposure to the Gulf states.

Former CEO Ryan Mather returns to helm Ariel, and will also oversee underwriting for SPA 6133 under a pact between the acquirers and Apollo.

Including offshore losses of up to $1.5bn, the firm's total loss estimate ranges from $0.8bn-$1.5bn.

The $622mn agreement is just 10 cents a share higher than Enstar's $31.00-per-share proposal.

Former RenaissanceRe CEO and founder Jim Stanard looks set to pick up the reinsurance platform.

The per-share price is a 35% premium to yesterday’s close.

The Howden parent has more than doubled its valuation in the three years since CDPQ invested.

BMS plans to expand into the retro sector but will avoid being drawn into bidding "frenzy".

The funding for the deal was set to come from Cantor Fitzgerald and its billionaire CEO Howard Lutnick.

Both companies secure more than 95% shareholder support for the transaction.

The companies claim “overwhelming” investor support at meetings today.

The agreement, which will leave Enstar with 26% of StarStone US, fulfills a long-term ambition for Stone Point.

The business will be known as SiriusPoint and led by ex-AIG CFO Sid Sankaran, who will become chairman and CEO.

KKR described the $4.4bn deal as a “transformative event” and a “highly strategic” investment for the company.

The deal will generate proceeds of more than $1.5bn for the Karfunkel family and including a dividend is pitched at 69 percent more than Tuesday's close.

The deal will give Buckle access to Gateway’s 47 US state insurance licences.

The deal will see HSCM founder Millette and HSCM Bermuda clients assume majority control of the holding company.

SkyKnight, Dragoneer and Aquiline have led the investment.

The fronting carrier will allow the MGA to extend its geographical reach.

The statements come after an outline agreement, signed by Covea 10 weeks ago, collapsed this week.

The Bermudian’s owner Exor refused to renegotiate terms due to the Covid-19 crisis. 

The company’s remaining underwriting teams will transfer to San Diego-based MGA platform K2.

The deal will “capitalise on a dynamic competitive landscape and continue our strong growth trajectory”, Rod Fox says.

The Bermudian ILS platform will be renamed Peak Capital.

The M&A deals were predominantly mergers, but there was some activity on the acquisition side as well.

French insurer is reportedly confident despite stock prices having plummeted since the takeover was agreed.

The start-up received a financial strength rating of A- from AM Best as it announced its new funding.

The pandemic financial crisis led to the M&A deal being dropped.

Lighthouse CEO Patrick White bought a majority stake in Prepared in 2017.

Canadian pension funds have shown an interest in buying assets in the London market.

But the merger will still create opportunities for rival brokers to claim market share.

Having a $20bn-revenue organisation would create the ability to invest more heavily in new solutions, including tech.

The combined company will retain the Aon name, with Willis CEO John Haley taking the chairman role.

The insurer will offer to buy out side-pocketed assets at a discount, with several hundred millions of capacity available if needed.