S&P Global Market Intelligence presents a summary of mergers and acquisitions announced between March 16 and March 31 in the global insurance sector. This report is based on publicly available information and may not be inclusive of all deal activity.
US and Canada
Risk Strategies acquired Hugh Wood Inc. and Hugh Wood Canada Ltd. for undisclosed terms.
The targets are the US and Canadian operating entities of global insurance holding company HW International BV.
New York City-based Hugh Wood offers commercial lines, personal lines and benefits solutions in the US. It focuses on real estate, marine, ports, metals, fine art, international and Japanese global clients.
Toronto-based Hugh Wood Canada is a niche specialty broker focused on complex commercial lines placements and personal asset protection in Canada.
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Texas-based Higginbotham Insurance Agency Inc. and Oklahoma's Glenn Harris & Associates Inc. combined.
Glenn Harris & Associates offers personal insurance coverage such as homeowners, auto, motorcycle, recreational vehicle and renters insurance. It also provides business insurance solutions such as commercial property, umbrella, employment practices liability insurance, errors and omissions, inland marine and professional liability.
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California's Alkeme Inc. acquired Wharton Lyon & Lyon of Livingston, NJ.
The target is a retail insurance agency that offers property and casualty, and life and health products. It also has a division that provides banking and mortgage insurance consulting.
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Hub International Ltd. acquired the assets of Cedarhurst, NY-based Onecap Services LLC and SATS LLC, doing business as Preferred Services Group, for undisclosed terms.
Onecap, Preferred Services, and their affiliate, LYNLY Health Insurance Agency LLC, are insurance brokers that offer property and casualty insurance solutions, and individual and group benefits solutions including medical and ancillary such as dental, life, vision, disability and voluntary benefits. They have offices in Manhattan and Tarrytown, NY, and Englewood, NJ.
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The Western Investment Co. of Canada Ltd. agreed to acquire a 14.22% stake in Fortress Insurance Co. for C$2.6 million.
The deal will increase Western's holding in Fortress to 42.67% from 28.45%. However, it is conditional on the closing of a pending transaction that will see companies affiliated with Paul Rivett invest at least $20 million into Western.
The seller of the 1 million shares in the deal was not disclosed but is not a related party to Western or Rivett.
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Risk Strategies acquired Long Island-based Pace Professional Services Ltd. Terms of the deal were not disclosed.
Pace Professional Services provides professional liability coverages with a focus on certified public accountants and law firms.
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Canada's Trisura Group Ltd. closed its acquisition of First Founders Assurance Co., a US Treasury-listed surety company.
Following the transaction, Trisura is working on expanding First Founders Assurance's licenses to include all 50 US states and the District of Columbia.
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Troy, Ind.-based Harpenau Insurance Inc. joined Henriott Group Inc.
Harpenau Insurance is a specialist insurance advisory firm that has locations in Troy and Evansville. It offers insurance solutions and services with core competencies in trucking, unmanned aerial vehicles/drones, lumber/furniture, wood products and manufacturing industries. It also delivers personalized home and auto insurance.
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Achmea BV and Fairfax Financial Holdings Ltd. agreed to sell online insurance agency Onlia to Southampton Financial Inc.
Onlia, a joint venture between Achmea and Fairfax, has around 24,000 customers and a premium turnover of €44 million with home and car insurance. Its entire customer portfolio will be taken over by Southampton Financial.
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Ascensus LLC agreed to acquire the 401(k) record-keeping business of Mutual of Omaha Insurance Co. for undisclosed financial terms.
Ascensus will assume full responsibility for the record-keeping business, which serves more than 2,300 retirement plans and 65,000 savers and has more than $3.9 billion in assets under administration.
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Title insurance underwriter Title Resources Group will acquire the outstanding shares of Doma Holdings Inc. for $6.29 per common share in an all-cash transaction, subject to shareholder and regulatory approvals.
Following the transaction, Doma Title Insurance Inc. and its technology division will operate as subsidiaries of Title Resources Group. The technology division, which will be renamed Doma Technology LLC, will operate on a separately-capitalized basis.
LENX ST Investor LLC and Len FW Investor LLC, representing approximately 25% of the voting power of Doma's common shares, agreed to support the transaction.
Doma will no longer be traded or listed on any public securities exchange after the deal.
Europe, Middle East and Africa
In Iceland, Landsbankinn hf. is offering to buy TM tryggingar hf. from Kvika banki hf. for 28.6 billion kronur purchase price.
The final consideration depends on a closing adjustment on the date Landsbankinn will take over TM tryggingar. The deal is subject to due diligence and approval by the Icelandic Competition Authority and the Financial Supervisory Authority of the Central Bank of Iceland.
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Ardonagh Italia SpA, part of Ardonagh Global Partners, will acquire Mediass Spa.
The target is an independent Italian insurance broker that serves more than 120,000 customers, including public enterprises, small and medium-sized enterprises, large corporates and retail clients. It offers general liability, motor and professional indemnity insurance solutions, generating an income of €20 million in 2023.
Ardonagh Global Partners is The Ardonagh Group Ltd.'s growth platform outside the UK.
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Sweden's Säkra AB acquired a minority stake in Hela FÖRsÄKring Ab from Hela Gruppen Välfärd Ab, according to the Capital IQ Transaction Database.
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UK's Brunel Insurance Brokers Ltd acquired the renewal rights to Liability & General Insurance Brokers Ltd., an independent broker based in Framingham.
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Max Matthiessen AB acquired a 51% stake in Denmark-based insurance agency Trust Forsikring & Pension, Finanswatch.dk reported.
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+Simple SAS acquired Spain-based Om Suscripcion De Riesgos SA from Grupo Morera & Vallejo SL, Fintech Global reported.
OM Suscripcion is an underwriting agency specializing in surety insurance.
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NFP Corp. acquired Get Medical Plans Ltd., an independent private medical insurance intermediary based in London.
Get Medical Plans founders Marc Benjamin and Sanjeev Mallipeddi will continue to lead the business.
Asia-Pacific
In Australia, Pepper Money Ltd. closed its acquisition of the remaining 35% of shares in Stratton Finance Pty Ltd.
The purchase price for the remaining 35% was the base price of A$42 million, subject to customary adjustments for cash and working capital. Pepper Money used existing cash balances to fund the transaction.
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Softlogic Life Insurance PLC submitted a bid for the acquisition of Sri Lanka Insurance Corp. Ltd., according to an interim financial statement for the year ended Dec. 31, 2023. Softlogic will source the prearranged funding for the potential transaction through external offshore counterparties. The completion of the acquisition is subject to a transparent and competitive bidding process.
