LONDON: Induver and Clover, two of Belgium’s leading independent corporate insurance brokers, have announced their merger to create a new market leader in the sector. The combined business will benefit from the support of Hg, a leading investor in software and services businesses, as a minority shareholder. The merger brings together Induver’s premium positioning and…
LONDON: Ageas, the Belgian insurer, has confirmed that it is in the preliminary stages of considering a possible offer to acquire Direct Line Insurance, the UK’s largest personal lines insurer, for £3.1 billion. The possible offer would consist of 100 pence in cash and one new Ageas share for every 25.24047 Direct Line shares, valuing…
LONDON, UK: Brickell PC Insurance Holdings agreed the terms of a recommended cash acquisition of the entire issued ordinary share capital of Randall & Quilter Investment Holdings (R&Q) as well as $100 million of new equity funding. The acquisition will be undertaken by way of a merger under the Bermuda Companies Act. Under the terms…
PARIS, FRANCE: AXA announced that it has completed the sale of AXA Insurance Pte Ltd (AXA Singapore) to HSBC Insurance (Asia-Pacific) Holdings Ltd (HSBC), for a total cash consideration of USD 529 million. The AXA Group is a worldwide leader in insurance and asset management, with 153,000 employees serving 105 million clients in 54 countries….
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LONDON, UK: Chesnara Plc has entered into an agreement with Monument Re Group to acquire Robein Leven, a specialist provider of traditional and linked savings products, mortgages and annuities in the Netherlands. It is expected to complete in the first half of 2022. Chesnara plc, through its existing Netherlands-based closed book platform, the Waard Group,…
PARIS, FRANCE: InsurTechs and BigTech players are leveraging significant capital inflows to boost technological development and fuel innovation, turning up the heat on incumbent insurers. Capgemini and Efma’s World InsurTech Report 2021 was published on Thursday. New age digital players are offering greater personalization and emphasis on customer experience, thus achieving maturity and customer adoption. In response, incumbents…
LONDON, UK: Direct Line Insurance Group plc entered into a new partnership with Motability Operations Ltd to provide insurance to the Motability Scheme, supporting its more than 600,000 customers. This partnership is expected to grow Direct Line Group’s Motor customer base by approximately 15% to over 4.5 million, adding further scale to Direct Line Group’s…
SYDNEY: PSC Insurance Group announced the appointment of David Hosking to the new role of CEO PSC Australia and New Zealand. David joins after a successful career at Allianz and prior to that time, at IAG. David brings a long history and deep understanding of the insurance industry and particularly the insurance broking and intermediary…
OLDWICK: Global rating agency, AM Best has maintained the Credit Ratings of CNA Financial Corporation (CNAF) and its insurance subsidiaries following the company’s disclosure that it sustained a sophisticated cybersecurity attack that caused a network disruption and impacted certain CNAF systems, including corporate email. Based on the information available as of today, AM Best believes…
LONDON: Aviva plc has reached a significant milestone in the execution of strategy, with the agreement to sell its entire shareholding in Aviva Poland to Allianz for a cash consideration of €2.5 billion, valuing the acquired business at €2.7 billion, a news release said. Aviva will now focus on its strongest businesses in the UK,…
LONDON: Aviva Plc has sold its remaining Italian Life and General Insurance businesses (Aviva Italy) for €873 million in cash. This values the businesses at €1.2 billion including Unicredit Group’s 49% shareholding in Aviva S.p.A. Key highlights: · Sale of Aviva’s Life insurance business1 to CNP Assurances for €543m, and · Sale of Aviva’s General…