Allied World Assurance Company Holdings, AG announced that it has received approval from Lloyd’s, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to establish its own Lloyd’s managing agent, Allied World Managing Agency Limited, effective April 1, …
Business insurance specialist, QBE announced from London that it has “become the second major re/insurer to provide capacity to the world’s first Shariah-compliant MGA, Cobalt Underwriting. “The agreement will allow Cobalt Underwriting to now offer clients $50 million of casualty …
Apollo Global Management LLC and CVC Capital Partners Ltd. raised £240 million [$398.5 million] in an initial public offering of Brit Plc, a Lloyd’s of London insurer. The two private equity firms, along with Brit’s managers, sold 100 million shares …
Bermuda-based Watford Holdings Ltd. and its wholly-owned subsidiary Watford Re Ltd. (collectively, “Watford” or the “Company”), a newly-formed Bermuda-based multi-line reinsurer, announced have announced that “it has raised capital and expects to commence reinsurance operations shortly. Watford is led by …
Old Mutual Plc, Africa’s biggest insurer, is selling its Skandia units in Germany and Austria for €220 million ($303 million) in cash. The two businesses, part of the London-based insurer’s wealth division, are being acquired by a Cinven Ltd. and …
Arthur J. Gallagher, Tudor Arthur J. Gallagher & Co. has acquired Tudor Risk Services in Woburn, Mass. Terms of the transaction were not disclosed. Founded in 2009, Tudor Risk Services is a retail insurance broker providing property/casualty, risk management services …
The Canada Pension Plan Investment Board (CPPIB) announced that it has agreed to buy U.S. life insurance and reinsurance provider Wilton Re Holdings Ltd for $1.8 billion from a group of private equity firms, the first foray by the global …
Willis Group Holdings plc announced that it has opened a representative office in Myanmar that signals its commitment to the country’s growing insurance industry. Willis said the “office in Yangon will support Willis’s multinational and Asian client base, and also …
ING Groep NV, the biggest Dutch financial-services company, will end its majority stake in its U.S. insurance unit with another share sale as it winds down ownership of the business. The parent plans to sell 26.5 million shares of ING …
Allianz announced that it has agreed to acquire a part of the Property and Casualty insurance business of the Italian insurer UnipolSai with premiums of €1.1 billion [$1.53 billion] (2013). “The business includes 729 agencies and 500 employees servicing 1.5 …
