Hashtag: #BusinessMergers
Mosaic To Acquire SiriusPoint Managing Agency
Mosaic Insurance has entered into an agreement to purchase the Lloyd’s managing agency of SiriusPoint as part of a transaction in which the global re/insurer will become a strategic investor in Mosaic. Mosaic Co-CEO Mitch Blaser said, “We’re excited about this opportunity to expand our presence at Lloyd’s and we’re proud of the phenomenal... Read more of this article
Apex Group Enters NZ With Acquisition Of MMC
Apex Group Ltd. announced the proposed acquisition of MMC, New Zealand’s leading provider of investment administration services. A spokesperson said, “The transaction is subject to customary conditions [including regulatory approvals expected to be granted in early 2022]. “MMC has provided full outsourced investment administration services... Read more of this article
Fortitude Re Completes Acquisition From AIG
Fortitude Group Holdings announced the acquisition of Fortitude Life & Annuity Solutions and Fortitude P&C Solutions from AIG. A spokesperson said, “Fortitude Group Holdings, LLC, the parent company of Bermuda’s largest multi-line reinsurer [Fortitude Re], announced today the acquisition of Fortitude Life & Annuity Solutions, Inc. [FLAS],... Read more of this article
Monument Re Complete Acquisition From Athora
Monument Re’s Irish subsidiary Monument Life Insurance DAC has completed the acquisition of a closed-block portfolio of variable annuities from Athora Ireland plc. A spokesperson said, “Monument Re announced today that its Irish subsidiary Monument Life Insurance DAC has completed the acquisition of a closed-block portfolio of variable annuities... Read more of this article
EXOR & Covéa Sign MoU for $9bn Sale
Exor and Covéa have signed a Memorandum of Understanding under which “Covéa would, following the completion of a required consultation with works councils, enter into a definitive agreement to acquire PartnerRe.” A statement from Exor said, “Covéa, a leading French mutual insurer and Exor, the leading diversified holding company... Read more of this article
Algonquin To Acquire Kentucky Power Company
Algonquin— which owns BELCO – announced that Liberty Utilities Co, an indirect subsidiary of Algonquin, has entered into an agreement to acquire Kentucky Power Company for approximately $2.846 billion. A spokesperson said, “lgonquin Power & Utilities Corp. [AQN] today announced that Liberty Utilities Co., an indirect subsidiary of AQN,... Read more of this article
Fortitude Re Acquires PALAC From Prudential
Prudential Financial, Inc. and Fortitude Group Holdings, LLC have announced that they have entered into a “definitive agreement under which Prudential will sell a portion of its in-force legacy variable annuity block to Fortitude Re for a total transaction value of $2.2 billion.” A spokesperson said, “Prudential Financial, Inc. [Prudential]... Read more of this article
Coralisle Group Ltd To Acquire Massy United
Coralisle Group Ltd. announced today [Sept 7] that it has signed an agreement to acquire 100% interest in Massy United Insurance Ltd. [United] of Barbados. The transaction, which is subject to regulatory approval in relevant jurisdictions, is expected to close as soon as requisite approvals are obtained. “The acquisition of United will significantly... Read more of this article
Arch Capital Closes Acquisition Of Westpac
Arch Capital Group Ltd. announced the completion of the previously disclosed acquisition of Westpac Lenders Mortgage Insurance Limited [WLMI]. A spokesperson said, “Arch Capital Group Ltd. announced the completion of the previously disclosed acquisition of Westpac Lenders Mortgage Insurance Limited [WLMI], an Australian Prudential Regulation Authority... Read more of this article
Arch Closes Acquisition Of Somerset Bridge
Arch Reinsurance Ltd., a subsidiary of Arch Capital Group Ltd., announced the completion of the previously disclosed acquisition of Somerset Bridge Group Limited, Southern Rock Holdings Limited and affiliates. Arch Re originally announced its plan to acquire Somerset on June 23, 2021. “We are pleased to complete this transaction,” said William Soares,... Read more of this article
Athene To Acquire Foundation Home Loans
Athene Holding Ltd has entered into a definitive agreement to acquire Foundation Home Loans, a specialist UK mortgage lender from funds managed by affiliates of Fortress Investment Group LLC. A spokesperson said, “Athene Holding Ltd. [Athene], an industry-leading financial services company focused on retirement savings solutions, today announced... Read more of this article
Arch Capital Closes Acquisition Of Watford
Arch Capital Group Ltd. along with investment partners Kelso & Company and Warburg Pincus, announced the completion of the previously disclosed acquisition of Watford Holdings Ltd. The company said, “Watford and Arch originally announced the signing of a definitive merger agreement on Nov. 2, 2020, through an affiliated entity of which Arch... Read more of this article
Monument Assurance To Acquire AMELL
Monument Re announced today subject to necessary regulatory approval, Monument Assurance Luxembourg will acquire AME Life Luxembourg [AMELL] from French Mutual Insurance Group Covéa. A spokesperson said, “AMELL is a well-established Luxembourg-based life insurance company with market presence in Luxembourg, Belgium and Italy. Financial terms... Read more of this article
Video: SiriusPoint Rings Opening Bell Of NYSE
Sid Sankaran, Chief Executive Officer and Chairman of SiriusPoint, rang the Opening Bell of the New York Stock Exchange on Tuesday March 16, to celebrate the formation of the company and its listing under the NYSE ticker symbol SPNT. The Bermuda-headquartered company was formed from the merger between Third Point Reinsurance Ltd. and Sirius International... Read more of this article
Arch Capital Enters Agreement With Westpac
Arch Capital Group Ltd. has entered into a share purchase agreement with the Westpac Group to acquire Westpac Lenders Mortgage Insurance Limited [WLMI]. A spokesperson said, “The Global Mortgage Group of Arch Capital Group Ltd. has entered into a share purchase agreement with the Westpac Group [Westpac] to acquire Westpac Lenders Mortgage Insurance... Read more of this article
Apollo, Athene To Merge In All-Stock Transaction
Apollo and Athene have entered into an agreement to merge in an all-stock transaction that “implies a total equity value of approximately $11 billion for Athene,” it has been announced. A statement from Apollo said, “Under the terms of the transaction, each outstanding Class A common share of Athene will be exchanged for a fixed ratio... Read more of this article