Tysers-RFIB deal continues trend - but can UK broker valuations hold up in 2020?For UK insurance brokers, 2019 will be remembered as a vintage year. Whereas carriers in the UK market such as Barbican were able to achieve only modest price to book multiples, the valuations realised by intermediaries have been truly impressive.
Liberty Mutual sells off Russian unit to SovcombankBoston, Massachusetts-headquartered Liberty Mutual has agreed to sell its Russian subsidiary, Liberty Insurance PJSC, to Sovcombank Group – the third-largest private bank in Russia.
EMEA M&A business booming despite deal drop-off: AonWhile geopolitical volatility and trade uncertainty on both sides of the Atlantic has put a dampener on international M&A, with deal value falling 23 percent to $528.4bn in H1 2019, broking giant Aon is seeing “resilient” demand for this insurance in EMEA.
Willis Towers Watson makes LatAm expansion bid with Grupo Unity acquisitionWillis Towers Watson is set to strengthen its presence in Latin America after the broker agreed a deal to acquire Panama-based Grupo Unity.
Fairfax sells off 40% stake in Riverstone for $560mnFairfax - owner of Allied World and Brit - has agreed to sell a 40 percent interest in its run-off group Riverstone UK to Omers, a pension plan provider for Ontario municipal employees, for at least $560mn as it mulls plans for broader run-off retrenchment in the UK.
Darag completes Sovag purchaseLegacy acquirer Darag Group has closed the portfolio transfer with German (re)insurer Sovag, having received the necessary approvals from regulator BaFin.
Expansive BRP adds circa $19mn of revenue with two acquisitionsBRP Group has made two acquisitions as the independent broker seeks to further build out its rapidly expanding operations.
Armour-run Elite Insurance placed into administrationGibraltar-domiciled Elite Insurance Company – which was acquired by a group of investors led by Armour Group last year – has been placed into administration.
Risk Strategies boosts marine presence with Gowrie acquisitionRisk Strategies has acquired insurance program brokerage Gowrie Group and marine managing general agent Maritime Program Group (MPG), which together are the largest recreational marine insurance specialists in the US.
Watford to buy $155mn GWP carrier Axeria IARDBermudian Watford Holdings has agreed to acquire French property and casualty (P&C) insurer Axeria IARD, which has in-force gross written premiums of around Eur140mn ($155mn).
KBW upbeat on Swiss Re’s ReAssure dealSwiss Re’s deal to sell its majority stake in UK closed life business ReAssure to consolidator Phoenix Group Holdings - which values the unit at £3.25bn ($4.27bn) – has been broadly welcomed by analysts at Keefe, Bruyette & Woods (KBW).
Swiss Re to sell ReAssure to Phoenix Group in £3.25bn dealSwiss Re has agreed a deal to sell its majority stake in UK closed life business ReAssure to consolidator Phoenix Group Holdings in a deal which values the unit at £3.25bn ($4.27bn).
Aston Lark acquires Wright Insurance BrokersGoldman Sachs-backed Aston Lark has acquired Irish commercial broker Wright Insurance Brokers.
Vibe specialty head Glasse departs for StarStoneStarStone has appointed former Vibe Syndicate Management’s specialty risk solutions class underwriter Henry Glasse as specialty underwriter, The Insurer can reveal.
Gallagher acquires Brown & Brown Pacific Northwest marine unitArthur J Gallagher has completed a deal to hire the Pacific Northwest marine broking team and book of business of Washington-based Brown & Brown.
RenRe engages TigerRisk and Morgan Stanley to sell UK legacy bookRenaissanceRe has appointed TigerRisk and Morgan Stanley to find a buyer for its £396mn ($514.6mn) UK legacy book which the (re)insurer inherited through its $1.5bn acquisition of Bermudian neighbour Tokio Millennium Re.
1347 PIH considers options after FedNat closes Maison acquisitionFedNat Holding Company has completed the $51mn acquisition of the homeowners insurance operations of 1347 Property Insurance Holdings (1347 PIH), with the seller transforming into a holding company of reinsurance and investment management businesses.
Barbican’s Reeves, Harrington and Godfray set to leave as Arch deal completesThree members of Barbican’s senior management team – chief executive David Reeves, chief underwriting officer Mark Harrington and chief operating officer Jon Godfray – are to leave the carrier in the wake of its takeover by Arch, The Insurer understands.
Arch completes Barbican acquisitionArch Capital has completed its acquisition of Lloyd’s insurer Barbican Group Holdings from funds managed by US alternative asset management firm Carlson Capital.
Zurich takes pole position in Indonesia with Adira buySwiss giant Zurich has completed its purchase of an 80 percent stake in PT Asuransi Adira Dinamika (Adira Insurance), making it the largest international P&C insurer in the region.