Capital Returns repeats call for FBL shareholders to reject Farm Bureau takeoverActivist investor Capital Returns has once again urged FBL Financial Group (FBL) shareholders to reject the life insurer’s sale to Farm Bureau Property & Casualty Insurance Company (FBPCIC) for $56 per share ahead of the special meeting scheduled for the end of this month.
MPs warn over Bain Capital’s LV= takeover bidBritish MPs are to release a report later this week which will outline a series of concerns over the Liverpool Victoria (LV=) Group’s plans to demutualise and sell itself to US private equity group Bain Capital.
Acrisure on course for $1bn Ebitda by end of 2021Fresh from its $3.45bn capital raise last month, Acrisure is on an acquisition and organic growth trajectory that will likely lead it past Ebitda of $1bn by year-end as it continues to transform its business through technology, according to CEO Greg Williams.
Ardonagh makes first US acquisition as launches asset management armUK broker consolidator Ardonagh Group has launched an asset management unit to invest in firms operating outside the UK and Europe and announced its first acquisition in the US.
Berenberg: Sampo set for rapid sale of Nordea stake as activist pressure mountsThe sale of Sampo’s remaining €5.5bn ($6.5bn) stake in banking group Nordea will lead to a relatively quick return of cash to shareholders through special dividends and help alleviate mounting pressure from activist investors, according to Berenberg analysts.
WIA acquires two South Carolina agenciesWorld Insurance Associates (WIA) has acquired Lawrence & Brownlee Agency (LB Insurance) and John Roberts Insurance Agency, both of which are based in South Carolina.
USI to buy Northwest Bank’s insurance businessUSI has agreed a deal to buy the insurance business of Northwest Bank, an acquisition that will expand the broker’s presence in western Pennsylvania and western New York.
World Insurance Associates closing in on Scottish American dealNew Jersey-headquartered broker consolidator World Insurance Associates (WIA) is in advanced discussions to acquire up-for-sale tech-enabled intermediary Scottish American Insurance General Agency, The Insurer can reveal.
Marsh’s MMA buys 700-employee agency PayneWestMarsh & McLennan Agency (MMA) has acquired PayneWest Insurance, a top 40 US broker that will operate as the Northwest hub for Marsh’s middle market agency subsidiary.
Watford shareholders approve Arch takeoverThe shareholders of Watford Holdings have approved the merger with Arch Capital at a special general meeting on 30 March.
K2 acquires software insurtech Loss Run ProProgram manager K2 Insurance Services has made an early-stage investment in Loss Run Pro (LRP), which markets a subscription-based software that helps request, track, and manage loss runs.
Genstar confirms rollover of equity into Amwins as Worldwide Facilities sale closesPrivate equity firm Genstar Capital has confirmed that it rolled nearly 100 percent of its equity in Worldwide Facilities into Amwins to become a minority shareholder in the wholesale giant with the official closing of the sale of the California-based broker.
Gallagher buys Terrier Claims ServicesArthur J Gallagher has acquired Pleasantville, New York-based Terrier Claims Services (TCS) and its affiliate, MT Investigations.
Exor: Covéa’s revised offer did not reflect PartnerRe’s true valueExor decided not to go ahead with the sale of PartnerRe last year because the revised offer from Covéa did not fully value the reinsurer and its “bright prospects”, which have since been enhanced by an improving reinsurance pricing environment, said the investment holding company.
PE-backed High Street buys Iowa and Colorado agenciesHigh Street Insurance Partners has acquired Elliott Hartman Agency and Wall Street Insurance, which expand the Huron Capital Partners-owned insurance brokerage platform into transportation insurance and two new states.
Odyssey Investment Partners buys US agency alliance SIAAPrivate equity firm Odyssey Investment Partners has acquired Strategic Insurance Agency Alliance (SIAA), the largest alliance of US independent insurance agencies with $9.6bn of total in-force premium.
Allstate to take $4bn hit on life and annuity saleAllstate has agreed a $220mn deal for Wilton Re to acquire Allstate Life Insurance Company of New York (ALNY), completing its exit from life and annuity.
Chubb says it is “disciplined acquiror” as The Hartford draws rival interestChubb has responded to the rejection of its preliminary $65 a share bid for The Hartford with a statement outlining its disappointment the Connecticut-based carrier did not engage in sales discussions as reports of counteroffers surfaced over the weekend.
Intact launches C$250mn note offering to part-fund RSA £7.2bn consortium dealIntact Financial has announced plans to issue C$250mn ($198.3mn) fixed-to-fixed rate subordinated notes to help fund its share of the RSA acquisition.
Allianz mulling counteroffer for The HartfordReports at the weekend indicated that Allianz is considering a counteroffer for The Hartford following Chubb’s rejected preliminary $65 a share bid, in a move previously trailed by analysts as well as this publication.