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The ratings agency issued a generally positive commentary on the life and retirement partnership, saying AIG’s A credit rating will remain unchanged. -
The new company will be named Newfront and is expected to place $2bn in premiums annually.
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The merged entity must divest its corporate and commercial short-term insurance broking in the country, as well as offload several global businesses.
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Richmond-based broker The Hilb Group (THG) continued its flurry of M&A with the purchase of six Virginia brokerages in July.
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Horace Mann continues moves to diversify and expand business with its purchase of Madison National Life Insurance.
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Owning a cat reinsurer is off-strategy for a firm trying to curb volatility, but a sale would be hard to execute.
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The deal fits with a broader strategy of simplification that has already seen several disposals.
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The deal is the latest in a spate of personal lines M&A, with Allstate and State Farm also active acquirers.
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National broker consolidator Patriot Growth Insurance Services has closed a round of funding to bolster its growth strategy, which focuses primarily on acquisitions.
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The InsurTech is said to be in negotiations with blank check company PWP for a merger.
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The transaction transforms Liberty into the second largest player in the US IA market.
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The potential transaction is expected to complete in the third quarter.
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