M&A
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HDI in Brazilian acquisition from Sompo
HDI International has acquired the retail business of Sompo Seguros in Brazil for about BRL1,050m, subject to certain closing account…
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Results show mixed fortunes for Scandinavian P&I mutuals Gard and Skuld
Norwegian club Skuld has reported a $15m loss for 2021/2022. The P&I marine insurer had recorded a $25m profit the…
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Convex sees premiums almost double but CR hits 118%
Bermudan insurer Convex, launched by Stephen Catlin in 2019, saw its gross written premiums (GWP) almost double last year to…
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Carlyle to buy NSM MGA from White Mountains for $1.78bn
Bermuda-based White Mountains Insurance has signed a definitive agreement to sell its fast-growing MGA platform and brokerage NSM Insurance to…
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US D&O most profitable since 2014 but Covid claims may lag: AM Best
Last year was the best for US D&O insurers’ premium, volume and profitability since 2014, with their push for moderate…
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Risk managers set to enjoy lower costs as Pool Re cuts terrorism rates from October
UK terrorism backstop Pool Re has agreed new reductions of up to more than 30% in reinsurance prices that should…
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AUB buying Tysers for £550m
Australia-headquartered AUB Group is buying London broker Tysers for £550m (A$880m). The deal will see Australian broker PSC buy half…
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Aegon concludes sale of Turkish business
Dutch insurer Aegon has continued the divestment of its European subsidiaries with the completion of the sale of its Turkish…
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Sanlam and Allianz team up to form pan-African insurance powerhouse
Sanlam, the largest non-banking financial services company in Africa, and German insurance giant Allianz have agreed to combine their current…
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AIG’s general insurance arm sees profits jump 43% on back of much-improved underwriting figures
AIG’s general insurance business saw adjusted pre-tax income (APTI) jump 43% in the first quarter to $1.21bn, as underwriting income…
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Broker ‘cautiously optimistic’ about US management liability market
Management and professional liability policyholders in the US should be “cautiously optimistic” about their prospects this year as the market…
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North American broking M&A falls to lowest level since 2016
Mergers and acquisitions involving US and Canadian insurance agents and brokers fell to their lowest level since 2016 in the…
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Aspen returns to black in 2021 with $30m net income
Aspen Insurance turned around losses of $56.4m in 2020 to report net income of $29.8m for full-year 2021, which it…
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Argo board considers sale after shareholder pressure
Argo has bowed to pressure from activist shareholders and announced that it is considering selling the company. The board said…
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European cyber pricing to stabilise in H2: Marsh
Cyber insurance pricing in Europe is likely to stabilise in the second half of 2022 as measures to stem ransomware…
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Alm Brand secures regulatory approval for Codan Forsikring acquisition
The Danish Competition and Consumer Authority has given its unconditional approval to Danish insurer Alm Brand’s purchase of the Danish…
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Brown & Brown actively seeking M&A opportunities
US broker Brown & Brown is actively seeking other M&A opportunities, according to its president and CEO, J Powell Brown,…
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Specialty market remains firm despite talk of rising capacity: Berkley
Rob Berkley, CEO of leading US-based carrier WR Berkley, said that insurance rates are holding firm and there remain many…
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Hard market ‘persists’ but rates rises continue to slow: Marsh
The global insurance market hardened again in the first quarter with average rate increases of 11% but the size of…
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P&C losses from Ukraine-Russia conflict could hit $15bn, says WTW
P&C insurers could see close to $15bn in losses from the Ukraine-Russia conflict, according to a report by WTW. However,…