UPFRONT
INTELLIGENCE CORPORATE ACQUIRER
TARGET
PRODUCTS COMMENTS
Applied Underwriters
Alaska Timber Insurance Exchange (ATIE)
ATIE has received regulatory approval for its conversion from a reciprocal to a stock insurance company; its sale to Applied is expected to be finalized in the fourth quarter
DUAL
Align Financial Holdings
The deal will significantly expand DUAL’s US market share, taking it from around $450 million to more than $1 billion
Gallagher
Willis Re
Gallagher’s purchase of the Willis Towers Watson unit is forging ahead, despite the collapse of the WTW-Aon merger
HUB International
Dissinger Reed
Kansas-based Dissinger Reed will boost HUB’s capabilities in the collegiate and high school sports insurance market
Inszone Insurance Services
Summit Insurance Group
The deal gives Inszone access to the Missouri market, expanding its presence to six states
OneGroup
Thomas Gregory Associates Insurance Brokers
Located in Massachusetts, Thomas Gregory Associates provides P&C insurance to clients in the food and agribusiness industries across the US
Risk Strategies
Danna-Gracey
Established in 2001, Florida-based Danna-Gracey specializes in medical malpractice insurance
USI Insurance Services
Reynolds & Reynolds
The acquisition of the Iowa-based risk management and employee benefits agency expands USI’s Midwest footprint
Venbrook Group
RD Parisi Associates; David Morse Associates
The duo of acquisitions strengthens Venbrook’s employee benefits and claims adjusting capabilities
PURE Programs, Palomar build high-net-worth offering
Gallagher moves ahead with Willis Re acquisition
When the Willis Towers Watson-Aon merger fell apart in July, Gallagher’s acquisition of Willis Re – originally proposed as a regulatory remedy to the mega-merger – appeared to hang in the balance. But in August, Gallagher announced that the Willis Re deal is still on, to the tune of an initial gross consideration of $3.25 billion, plus potential additional consideration of $750 million, subject to certain third-year revenue targets. The acquisition includes all of Willis Re’s treaty reinsurance brokerage operations, which are spread across 24 countries and place over $10 billion of premium annually. The integration of the two businesses is expected to take around three years. Commenting on the deal, Gallagher chairman, president and CEO J. Patrick Gallagher Jr. said that broadening its reinsurance brokerage offerings has been a strategic objective for Gallagher and that the acquisition of Willis Re will “significantly enhance” its global value proposition. “We were very impressed with the Willis Towers Watson reinsurance professionals we met during our initial due diligence and strongly believe a combination will significantly enhance our offerings to clients and prospects,” he said.
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MGU PURE Programs has partnered with specialty insurer Palomar Holdings to provide an insurance program for owners of high-value homes undergoing complex construction projects. The program is designed for luxury construction projects requiring up to $20 million in coverage, including new builds, major renovations and additions. Palomar Holdings’ surplus lines subsidiary, Palomar Excess and Surplus Insurance Company, will act as the insurer for the program, while PURE Programs will oversee insurance operations, including underwriting, risk management and claims.
Skuld adds automated claims processing tool
Marine insurance provider Skuld has launched an online claims tool designed to automatically reimburse members for crew claims. Available on the insurer’s website, the tool allows members, clients, brokers and crewing managers to notify Skuld of crew claims and add information, documents, and cost. According to Skuld, simple claims will be handled automatically, with cash reimbursement processed as quickly as allowed by the banking system, while more complex cases will be reverted to the insurer’s claims handlers.
www.ibamag.com
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