Insurance news

MassMutual to sell majority stake in Japanese subsidiary to Nippon Life

MassMutual International has agreed to sell 85.1% stake in it is Japanese subsidiary, MassMutual Japan, to Nippon Life for JPY104.2bn ($935m). The transaction is expected to be completed in the first half of this year after receiving regulatory approval. MassMutual International will retain the remaining 14.9% of the stake in the subsidiary. MassMutual acquired Heiwa Life in 2001 and renamed it as MassMutual Japan. The company offers a  portfolio of competitive, customer needs-based products. It has built distribution relationships with the country’s security firms, banks and independent brokerage agencies. MassMutual chairman, president and CEO Roger Crandall said: "At MassMutual, one of our distinct competitive advantages has long been our diverse portfolio of businesses b...

Read More
Insurance news

Edgewood Partners and Oak Hill Capital buy equity stake in Paragon Insurance

Edgewood Partners Insurance Center (EPIC) and Oak Hill Capital Partners have acquired an equity stake in multi-line specialty MGA Paragon Insurance. The investment from EPIC and Oak Hill will further propel Paragon's organic and M&A growth strategies and create greater opportunity for Paragon's agency, carrier and reinsurance trading partners. Paragon was formed in 2014 by Ron Ganiats and Ron Mairano and is one of the industry's fastest growing managing general agencies. With fifteen programs, controlled premiums exceeding $125M, and offices in Avon, CT, San Francisco, and Seattle, Paragon has established deep trading relationships with specialty carriers and reinsurers that provide unique solutions in a market that is quickly evolving. Paragon's specialty carrier and reinsura...

Read More
Insurance news

AGCS to buy Liberty Mutual’s US renewal portfolio of product recall business

Allianz Global Corporate & Specialty (AGCS) is purchasing the renewal portfolio of product recall business from Liberty Mutual in the US. Financial terms of the acquisition were not disclosed. AGCS is the Allianz Group's carrier for corporate and specialty insurance business. Liberty Mutual Insurance’s s US product recall and special contingency business, written via Liberty International Underwriters (LIU) U.S. AGCS started providing product recall insurance in North America in 2016. The company plans to further expand its business in the segment, with a focus on larger corporate clients. AGCS global crisis management head Christof Bentele said: "As LIU recently announced an exit from the Crisis Management space, we are pleased to have the opportunity to offer our under...

Read More
Insurance news

Monument Re to buy Aspecta Assurance International Luxembourg

Bermuda-based Monument Re has agreed to acquire the full ownership of Aspecta Assurance International Luxembourg, a life insurance undertaking based in Luxembourg with branches in Germany, Italy and Spain. Financial details about the acquisition, which is subject to regulatory approvals and satisfaction of closing conditions, were not disclosed. The agreement includes Aspecta’s 25% interest in Quality Insurance Services Luxembourg, the principal service provider to Aspecta. Aspecta, which was incorporated in 2000 as a 100% subsidiary of Talanx Group, has been closed to new business since December 2010. The company specializes in unit-linked single premium products that are targeted for high net-worth individuals along with unit-linked regular premium products for the retail mar...

Read More
Insurance news

Arthur J. Gallagher & Co buys Cohn Financial in US

US-based insurance brokerage and risk management services firm Arthur J. Gallagher & Co. (AJG) has acquired Arizona-based Cohn Financial Group (CFG).   Terms of the deal have not been disclosed. Founded in 1987, CFG is a private placement life insurance distributor, which works exclusively with high net worth families and individuals in the US. Arthur J. Gallagher & Co. chairman, president and CEO J. Patrick Gallagher, Jr., said: "CFG is well regarded for its depth of expertise and strong experience in ultra-complex life insurance cases as well as its high-level of quality service which is required for these policies.| "Their team's highly specialized practice focus and service model will be a wonderful addition to our employee benefits team, and we are pleased ...

Read More
Insurance news

Ariel Re launches new E&S; property underwriting unit in US

Bermuda-based insurer Ariel Re has launched new Ariel Specialty Insurance Managers (ASIM), an E&S; property underwriting unit with headquarters in Atlanta of Georgia, US.   ASIM will also provide services in Kansas City of Missouri, Dallas of Texas and Orlando of Florida. Under the leadership of Ariel Specialty EVP and chief underwriting officer Colin Mayo, the new business will be operated. Mayo said: "the combination of Ariel Re's superior track record in the property catastrophe market, impressive financial backing and the security and flexibility provided by Lloyd's of London offers an excellent platform for the development of Ariel Specialty." On 1 March, Ariel Specialty will start underwriting E&S property business, which will underwrite through wholesale ...

Read More
Insurance news

AXA to buy minority stake in Africa Re for $61m

French insurer AXA has signed an agreement to acquire a 7.15% interest in African Reinsurance (Africa Re), for around $61m (€53m). Established in 1976 by the member states of the African Union and the African Development Bank (ADB), Africa Re provides services across the continent. AXA deputy CEO Denis Duverne said: "This transaction is another step in our African strategy and follows on from our recent acquisition of Mansard in Nigeria and our partnership with the World Bank Group's International Finance Corporation. "At the same time, this new step confirms our commitment to the African continent, where we believe insurance has a crucial role to play in promoting economic development, due to its contribution to improving risk management, protection and prevention." The deal w...

Read More
Insurance news

The Phoenix Companies stockholders approve acquisition by Nassau

At a special meeting, the stockholders of The Phoenix Companies approved the adoption of the Agreement and Plan of Merger (the “merger agreement”), dated as of Augest 20, 2020, among Phoenix, Davero Merger Sub Corp. and Nassau Reinsurance Group Holdings, L.P. (“Nassau”).   Subject to the terms and conditions of the merger agreement, Davero Merger Sub Corp., a direct wholly-owned subsidiary of Nassau, will be merged with and into Phoenix with Phoenix as the surviving company and a direct wholly-owned subsidiary of Nassau. The parties are actively working towards closing, and the transaction remains on track to close in early 2016. In addition to Phoenix stockholder approval, the completion of the merger is subject to regulatory approvals and other closing conditions. Upon t...

Read More