Cohen & Co’s second blank cheque company raises $200mn in IPOINSU Acquisition Corp II – a blank-cheque company formed by Cohen & Company to acquire or merge with one or more insurance businesses – has upsized its initial public offering for gross proceeds of $200mn.
Onex adds $110mn to RSG investment to support All Risks acquisitionConvex-backer Onex Corporation has put an additional $110mn in Ryan Specialty Group to support its just-closed strategic acquisition of rival wholesale broker and managed underwriting platform All Risks.
RSG closes All Risks acquisitionWholesale brokerage and managed underwriting firms Ryan Specialty Group (RSG) and All Risks have completed their merger, creating an entity that is projected to handle nearly $15bn in premium during 2020.
Darag strikes legacy deal for $40mn US liability bookRun-off specialist and legacy acquirer Darag has concluded a novation agreement with a leading Cayman reinsurer to provide finality for its US liability books, with the transaction valued at more than $40mn.
World Insurance Associates acquires NY’s CountrywideWorld Insurance Associates (WIA) has made a further addition to its roster of commercial insurance broking platforms with the acquisition of Countywide Insurance Agency.
Carrier ownership opens opportunities for GCube: CEOGCube has already begun to reap the benefits of its acquisition by Tokio Marine HCC with the renewable energy MGA seeing an even greater amount of business now it is no longer owned by a broker, according to CEO Fraser McLachlan.
Ageas takes 25% stake in China Taiping Insurance unitAgeas has agreed to subscribe to a capital increase of China Taiping Insurance’s Hong Kong-based unit, Taiping Reinsurance, receiving 25 percent of the reinsurer’s enlarged shares.
World Insurance Associates’ M&A continues with Peoples Insurance Group dealExpansive broker World Insurance Associates (WIA) has acquired Peoples/Commercial Insurance Services.
Monument Re acquires Charles Taylor’s Isle of Man operationsMonument Re has reached an agreement to acquire Charles Taylor Group’s Isle of Man businesses.
L&G agrees £275mn buy-in transaction with Hitachi Pension SchemeLegal & General (L&G) has agreed a £275mn ($361mn) buy-in transaction with the Trustee of the Hitachi UK Pension Scheme.
Risk Strategies builds Ohio presence with McCamon Hunt buyRisk Strategies has acquired Ohio-based McCamon Hunt Insurance Agency, an all lines agency with offerings spanning group health, commercial package, life insurance and personal lines.
Aon-WTW deal secures shareholder approval as focus shifts to anti-trust approvalShareholders in both Aon and Willis Towers Watson have voted in favour of the combination of the companies as the focus now shifts to integration and securing anti-trust and other regulatory approvals ahead of a scheduled close in the first half of 2021.
Sampo issues Eur1bn debt to finance Hastings buy-outMoody’s has assigned a Baa1(hyb) rating to the Eur1bn ($1.2bn) subordinated debt to be issued by Sampo Plc to fuel the Nordic insurer’s acquisition of UK motor carrier Hastings.
R&Q touts growing program pipeline as reveals Surround partnershipRandall & Quilter Investment Holdings (R&Q) subsidiary Accredited Surety & Casualty Company, Inc (Accredited) has entered a program partnership with insurtech Surround Insurance Agency and said it has a strong pipeline of other deals to close this year.
Brown & Brown calls off Hauser deal after chairman’s college admissions chargeBrown & Brown has terminated its deal to buy Hauser after the chairman of the Ohio-based insurance agency agreed to plead guilty to charges in a college admission case.
AssuredPartners buys Seattle-based professional liability brokerAssuredPartners has acquired Seattle, Washington-based Mainstreet Financial Services, which has a team of 11 professional liability specialists and reports $2mn in annualised revenues.
Eur500mn+ legacy start-up Marco acquires UK platform with Allianz’s BRIC dealSimon Minshall-led Eur500mn ($590mn) legacy acquisition start-up Marco Capital Holdings is to acquire British Reserve Insurance Company Ltd (BRIC), a UK non-life insurance company, from Allianz.
Aon shares “attractive” ahead of WTW deal shareholder vote: Wells FargoAon shares currently trading at a price to earnings discount compared to MMC represent a compelling valuation and “attractive entry point for investors”, according to Wells Fargo’s Elyse Greenspan.
Regulatory approval could push Axa’s sale of Indian business into 2022: JefferiesFrench insurer Axa’s planned sale of its interest in Indian carrier Bharti Axa GI to ICICI Lombard – in a deal valued at Eur521mn ($615.2mn) – could be delayed until 2022 as a result of the regulatory approval required, Jefferies analysts have said.
ICICI Lombard to buy Axa’s India non-life JV in Eur521mn dealAxa and Bharti have entered into an agreement to sell their non-life insurance operations in India to ICICI Lombard General Insurance Company.