Covéa in French regulator ACPR’s sights over PartnerRe deal: reportsFrench financial prudential regulator ACPR has pointed out “deficiencies” in the governance of mutual insurer Covéa and asked its CEO Thierry Derez to rectify the situation by mid-May.
Florida carrier Centauri files $30mn+ poaching suit against WellingtonHomeowners’ carrier Centauri Specialty Insurance Holdings (CSIH) and its MGA are suing a quartet of employees and Texas rival Wellington after hearing the executives were leaving to join the Aquiline-backed MGA last month, The Insurer can reveal.
Dual builds outs with takeover of NZ specialty lines MGAHyperion’s Dual has acquired the largest specialty lines underwriting agency in New Zealand International Underwriting Agencies (IUA), The Insurer can reveal.
OneAdvent buys property MGA Modus from CFCLondon-based MGA platform OneAdvent has acquired Modus Underwriting, a digital-first MGA focused on providing niche property insurance products to brokers across the UK.
USI to buy Associated Bank broker subsidiary for $266mnUSI has agreed to buy Associated Benefits & Risk Consulting (ABRC), a US broker with revenues of $89mn, from Associated Banc-Corp for $266mn.
Peak Re completes takeover of Lutece and rebrands to Peak CapitalFosun-owned carrier Peak Re has completed the acquisition of Bermuda-based ILS asset manager Lutece Holdings and its subsidiary Lutece Investment Management.
Aon maintains dividend but pulls organic revenue guidance and pauses share buybacksDespite withdrawing guidance on revenue and margins and pausing share buybacks Aon is maintaining its dividend as it said that it is in a much stronger position than in the last financial crisis when its worst ever year for organic growth was a modest minus 1 percent.
Expanding $790bn run-off market will lead to more deals in 2020Yesterday, R&Q defied the volatile market conditions and raised $100mn (£80mn) in fresh equity in part to take advantage of new opportunities in its core legacy space expected to emerge from the fall-out of the Covid-19 crisis.
VJ Dowling teams up with Lancer in bid to buy control of ProtectiveVJ Dowling has partnered with trucking specialist Lancer Insurance Company and its CEO David Delaney in a bid to buy up all the Class A shares in Protective Insurance Corporation for 0.85x book value, The Insurer has learned.
Beazley makes multiple legal hires to bolster global M&A franchiseLloyd’s carrier Beazley has hired five former lawyers to bolster its global M&A transaction team in the US, Europe and Asia.
Hiscox and R&Q: when is first move an advantage?R&Q is making a habit of ballsy spring time capital raises. In March 2019, it raised £107mn from the equity markets, the equivalent of circa 40 percent of its then market cap.
Covid-19 to slow M&A activity as valuations reassessed: Brown & BrownAcquisitive US broker Brown & Brown said that the economic slowdown resulting from Covid-19 will impact M&A activity as buyers and sellers seek to factor in the impact on future performance and adjust valuations accordingly.
Allianz confirms Eur277mn+ JV with BBVAAllianz has agreed to acquire 50 percent plus one share of a joint venture launched with Spanish bank Banco Bilbao Vizcaya Argentaria SA (BBVA) for up to Eur377mn ($408mn).
Hyperion rules out Miller move as Howden commits to no salary cutsHyperion will not entertain a bid for rival Miller when owner WTW re-starts the sale process for the London market wholesaler, Group CEO David Howden has confirmed.
Allianz to revive Spanish P&C distribution with BBVA tie-up: reportAllianz has agreed to invest in the bancassurance business of Spanish Banco Bilbao Vizcaya Argentaria SA (BBVA) in exchange for access to its distribution network.
K2’s Pioneer takeover to complete in Q2 as terms signedK2 Insurance Services is a step closer to acquiring MGA Pioneer Underwriters as the pair have signed on terms for the previously announced deal which is now expected to close by the end of the second quarter of 2020.
R&Q pens loss portfolio transfer with self-storage insurer RepwestRandall & Quilter Investment Holdings (R&Q) has entered into a loss portfolio transfer (LPT) reinsurance contract and transfer agreement with the Amerco-owned Repwest Insurance Company.
All Risks working with Reagan Consulting on sale processIndependent US wholesale broker and MGA platform All Risks is in a sale process advised by Reagan Consulting that is expected to lead to a transaction with a strategic buyer in the intermediary space, The Insurer can reveal.
TigerRisk secures Flexpoint Ford investment for next phase of growthTigerRisk has landed a strategic growth investment from private equity firm Flexpoint Ford LLC to accelerate its current trajectory by providing access to capital and resources as it eyes opportunities from the fall-out from broker consolidation, The Insurer can reveal.
Howden acquires Greek broker MatrixHowden Broking Group has acquired Lloyd’s broker Matrix Insurance and Reinsurance Brokers (Matrix), a specialist in large corporate and industrial risks in Greece and Cyprus.