Mergers & acquisitions (M&A)
Partners& buys West Midlands-based Movo AR
Partners& has purchased Dudley-based Holmes Insurance Brokers, a Movo Partnerships appointed representative.
Bermuda insurer invests in MGA consolidator
The owner of UK MGAs Avid and Landmark, Bishop Street Underwriters, has announced that it has completed a strategic structured capital investment of $125m (£93m) by White Mountains Insurance Group.
Sompo swaps Stanford for Thaker as UK CEO after completing Aspen deal
Sompo has replaced its UK CEO Bob Thaker with his equivalent at Aspen, Sarah Stanford.
Prestige to become AUB’s primary UK retail brand
AUB Group has outlined its UK broking plans and signalled further M&A is on the cards, having signed up to buy 95.9% of Prestige Insurance Holdings for A$432m (£219m) last month.
Duo step up in Teddington as new Coversure branch owners
Senior brokers and longstanding members of the team, Mel Franke and Ciara Curran, have bought the Coversure Teddington book of business from the current, and retiring, franchisee Philip Macdonald.
QBE divests arm with UK business to Swiss Re
QBE has entered into an agreement to divest its global trade credit and surety business to Swiss Re Corporate Solutions, the commercial insurance arm of the Swiss Re Group.
CFC sale rumours resurface
The private equity owners of cyber insurer CFC are exploring “strategic options” having appointed advisers, according to a report by Bloomberg.
Deadline extended for Zurich’s Beazley bid
Zurich has been granted more time to make its formal £8bn bid for Beazley with the deadline pushed back to 5pm on 4 March.
Admiral Group acquires £80m digital fleet MGA Flock
Admiral Group has reached an agreement to acquire Flock, a data-driven fleet insurance specialist.
Brokers have mixed reaction on Zurich/Beazley deal
Insurance brokers have given a mixed response to the potential Zurich/Beazley deal highlighting the acquisition would create a “strong proposition” and could create opportunities but noted another competitor leaving the market as a medium-term worry.
AIG completes deal for Convex minority stake
AIG has completed the acquisitions of strategic minority ownership stakes in specialty insurer and reinsurer Convex Group and global asset manager Onex Corporation.
Swansea broker Compare buys £1.5m GWP book of clients
Swansea-based Compare Insurance has acquired the book of clients from Insure My Business, adding £1.5m gross written premiums to the business.
Zurich reaches agreement with Beazley over potential £8bn takeover
Zurich and Beazley have reached an agreement in principle for a deal worth potentially £8bn, clearing the way for a formal bid.
Beazley shares hit new high as Zurich reveals 1.5% stake in Lloyd’s target
Shares in listed Lloyd’s insurer Beazley hit 1,173 pence yesterday [2 February] after prospective suitor Zurich revealed it had acquired a 1.47% stake in the business as of 30 January.
FCA imposes growth restrictions on Markerstudy
Markerstudy has confirmed a “cap” on growth after the Financial Times reported the Financial Conduct Authority has restricted its activities.
MGA sells D&O arm to “accelerate the development of new lines”
Managing general agent Rising Edge has confirmed the sale of its management liability business, to K2 International.
Cullum and McCaffrey on Minority Broker Partnerships’ aim to hit £100m GWP by end of 2026
Launched without much fanfare, Minority Broker Partnerships reunites Peter Cullum and James McCaffrey into the intermediary investment space. However, as the pair tell Jonathan Swift the market has changed since their last attempt - with younger brokers…
Howden expands presence in the Channel Islands with broker buy
Howden has purchased retail insurance broker Polygon Insurance Brokers (PIBL), growing its presence in the Channel Islands.
Clear snaps up Gauntlet to bolster Brokerbility network
Clear Group has acquired Gauntlet Appointed Representative Network and Gauntlet Retail Brokers to expand its existing Brokerbility offering.
Prestige CEO hails ‘landmark’ AUB deal
“Partnering with AUB Group gives us an exceptional platform to accelerate our growth, invest further in our people and services, and expand our presence across our current markets, while retaining the independence and culture that have been central to…
Tysers and Movo owner AUB to acquire Prestige creating £720m UK business
AUB Group has agreed to buy 95.9% of Prestige Insurance Holdings for A$432m (£219m).