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Details of potential additional divestitures are closely guarded, but they would likely include P&C broking assets. -
CEO Alan Schnitzer said the transaction gave the business “a window into a successful management team” and addressed its underweight position in E&S.
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Most of the deals are concentrated in the insurance brokerage sector with 375 transactions.
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A vote on July 29 is expected to be less nerve-racking than once predicted, with investor appetite warming on the prospect of InsurTech SPAC mergers.
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The new repurchase authorization will follow an existing buyback program of $2.5bn, of which there is a remaining $65mn.
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The purchase of a U.S.-based carrier enables Greg Hendrick-led Vantage Group to write coverage under its own subsidiary after partnership.
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As part of expansion plans, Kin has also signed a stock purchase agreement to acquire an inactive insurance carrier that holds licenses in more than 40 states.
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The merged AmGeneral and Liberty Insurance Berhad operations will create the largest auto insurer and second-largest P&C insurer in Malaysia.
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The above-book valuation placed on the business will be a helpful anchor point for an IPO later in the year.
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The nearly century-old McCue, of Silver Falls, NJ, expands World Insurance’s presence in its home state with a business that works across personal and business lines.
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Hub International continues its rapid M&A with acquisition of Georgia-based sports specialist Risk Point Consulting.
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Chandler says he is keen to build a company culture akin to that of Benfield, which sold to Aon for $1.75bn in 2008, at BMS Re.
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