M&A

White Mountains’ NSM acquires up-for-sale UK intermediary Kingsbridge

UK private equity firm Dunedin has exited its controlling stake investment in the construction-specialist Kingsbridge Group after placing the business up for sale last year.

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.

Two Sigma-backed ISC buys Access Partners

Expansive US MGA platform Integrated Specialty Coverages (ISC) has completed its fourth acquisition with a deal to buy multi-line wholesale broker Access Partners Insurance Services.

Covid-19 to slow insurance M&A, warns Stonybrook

The impact of the novel coronavirus Covid-19 will lead to a slowdown in the amount of merger and acquisition activity within the insurance industry, according to Stonybrook Capital.

IGI and Tiberius complete $390.3mn merger

International General Insurance (IGI) Holdings and Tiberius Acquisition Corporation (Tiberius) have completed the previously announced business combination between them, following the initial agreement in October 2019.

Gallagher to benefit “significantly” from Aon-WTW talent and client leakage

Arthur J Gallagher is set to “benefit significantly” in the wake of Aon’s recently announced acquisition of Willis Towers Watson, owing to the likely movement of clients, talent and its capital-light structure.

Lighthouse folds in Florida’s Prepared and hires Howard as president

Louisiana’s Lighthouse Property Insurance Corporation is acquiring its sister company Prepared Insurance Company in a move that will create significantly larger surplus to write business in Florida’s challenged homeowners market and generate reinsurance synergies ahead of a harder 1 June renewal.

Canopius acquires Bermuda ILS firm MultiStrat Holdings

Top five Lloyd’s insurer Canopius has acquired a majority stake in Bermuda-headquartered casualty reinsurance group MultiStrat Holdings Ltd.

AM Best leaves Southern Pioneer unchanged after Biglari deal

AM Best has left Southern Pioneer Property and Casualty Insurance Company’s ratings unchanged following on from the Jonesboro, Arkansas-based carrier’s acquisition by Biglari Holdings earlier this week.

Oman Insurance preparing bid for Axa Middle East operation: report

Oman Insurance, run by former Axa Asia CEO Jean-Louis Laurent Josi, is considering making a bid for the Middle Eastern operations of French insurer Axa.

Aon-Willis deal “gives less choices”: Hannover Re CEO

Hannover Re CEO Jean-Jacques Henchoz said the proposed giant combination of Aon and Willis will lead to less choices but also has the potential to grow demand for the (re)insurance product.

Aon-Willis winners and losers

As we approach the end of an extraordinary week which began with news of the $80bn Aon-WTW combination, we take a look at the likely winners and losers from the largest broker M&A in history.

Prudential confirms plans to float stake in US business

UK insurance giant Prudential has confirmed it will float a stake in its US unit Jackson National Life following pressure from investor and activist hedge fund Third Point.

UK regulators remain silent over £185mn Markerstudy – CIS Insurance deal delay

Markerstudy’s £185mn ($339mn) proposed acquisition of CIS General Insurance Ltd remains stuck in the regulators’ inbox some fourteen months after it was agreed – leading to growing speculation about whether the deal will proceed – while a key deadline to repay up to $316mn of debt to Qatar Re fast approaches, The Insurer can reveal.

Greenlight Re evaluating “other courses of action”: Einhorn

Greenlight Capital Re shares were trading down almost 14 percent today after chairman David Einhorn conceded the total return reinsurer’s strategic review is taking longer than expected and that it is looking at other options after its first choice of action did not happen.

Aon’s WTW deal has “potential” to enhance business profile, says S&P

Aon’s proposed acquisition of Willis Towers Watson “has the potential” to enhance the former’s business profile owing to the additional strength it will garner in the middle-market space, S&P Global Ratings believes.

Aon-WTW Day 1 reflections: A Case of timing

Willis Towers Watson shares closed down 7.5 percent and Aon shares plunged 16.7 percent as the biggest broker M&A deal in history was swept up in the worst market rout since 2008.

Nexus subsidiary to acquire Howden UK’s trade credit business

Xenia Broking Group (Xenia), a Nexus Group-owned intermediary, has agreed to acquire Howden’s UK trade credit portfolio, consisting of Birmingham, Glasgow, Manchester and Cardiff-based business.

BMS takes former Paragon duo to grow M&A unit

Expansive broker BMS has appointed former Paragon International Insurance Brokers pair Sophie Wallace and Dean Andrews as divisional directors in its recently established private equity, M&A and tax division.