Aquiline Capital acquires Equity Insurance

Aquiline Capital acquires Equity Insurance - Insurance Business Review Jump to page content Accessibility Log in or Register for enhanced features|Forgotten Password? White Papers | Suppliers | Events | Report Store | Companies |Dining Club General Insurance Commercial Lines Personal Lines Claims Insurer Life Insurance & Pensions Intermediaries Brokerage Underwriting London Lloyds Reinsurance Technology Technology in Insurance Outsourcing Regulatory & Risk General Insurance
Personal Lines ALL IBR | Personal Lines Personal Lines Home |News |White Papers |Suppliers |Companies Return to: IBR Home | General Insurance | Personal Lines Select a Insurance sector ------------------------ Commercial Lines Personal Lines Claims Insurer ------------------------ Life Insurance & Pensions ------------------------ Brokerage Underwriting London Lloyds ------------------------ Reinsurance ------------------------ Technology in Insurance Outsourcing ------------------------ Regulatory & Risk Personal Lines News Aquiline Capital acquires Equity Insurance IBR Staff Writer Published 23 April 2013

New York-based private equity firm, Aquiline Capital Partners has completed the purchase of Equity Insurance Group from Insurance Australia Group.

Based in the UK, Equity Insurance is one of the ten largest motor insurance syndicate at Lloyd's, and has been insuring commercial and individual customers for over 60 years.

The company also includes motor insurer Equity Red Star and Equity Syndicate Management, along with its associated Syndicate 218 at Lloyd's, as well as the broking business, Equity Direct Broking.

As part of the acquisition, Ian Parker will become chief executive officer of Equity Insurance Group, while Messrs, Parker and Patrick O'Sullivan will lead the company's senior leadership team in redirecting emphasis of the business to its core specialty motor insurance lines.

Parker said, ''With Aquiline's financial support and operational expertise, we will strengthen the business and our position as the leading specialty motor underwriter in the United Kingdom.''

Aquiline has also established a new board for the managing agency, which includes O'Sullivan as ESML chairman.

Macquarie Capital (Europe) served as the sole financial adviser to Aquiline on the transaction.

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AmTrust Financial acquires Sequoia Insurance and subsidiaries

AmTrust Financial acquires Sequoia Insurance and subsidiaries - Insurance Business Review Jump to page content Accessibility Log in or Register for enhanced features|Forgotten Password? White Papers | Suppliers | Events | Report Store | Companies |Dining Club General Insurance Commercial Lines Personal Lines Claims Insurer Life Insurance & Pensions Intermediaries Brokerage Underwriting London Lloyds Reinsurance Technology Technology in Insurance Outsourcing Regulatory & Risk General Insurance
Commercial Lines ALL IBR | Commercial Lines Commercial Lines Home |News |White Papers |Suppliers |Companies Return to: IBR Home | General Insurance | Commercial Lines Select a Insurance sector ------------------------ Commercial Lines Personal Lines Claims Insurer ------------------------ Life Insurance & Pensions ------------------------ Brokerage Underwriting London Lloyds ------------------------ Reinsurance ------------------------ Technology in Insurance Outsourcing ------------------------ Regulatory & Risk Commercial Lines News AmTrust Financial acquires Sequoia Insurance and subsidiaries IBR Staff Writer Published 23 April 2013

Multinational insurance holding company AmTrust Financial Services has completed the acquisition of Sequoia Insurance and its subsidiaries, Sequoia Indemnity and Personal Express Insurance (Sequoia), for a consideration of nearly $60m.

The definitive agreement, which was originally signed in January, has received all regulatory approvals and even satisfied customary closing conditions.

Commenting on the deal, AmTrust CEO and president Barry Zyskind said that the acquisition will help in expanding its businesses in key markets, including California, which offer opportunities for profitable growth.

The company will continue to acquire business units similar to Sequoia to improve the profitability of its operations in niche markets, Zyskind added.

Sequoia Insurance provides various low hazard property/casualty insurance products such as workers' compensation and commercial package insurance to small businesses in key western states in the US.

During 2012, the underwriter's gross written premium was nearly $140m.

Most recently, AmTrust inked an agreement with the UK-based CPP Group to acquire CPPNA for $40m, which offers administrative services for consumer protection products, such as identity theft protection and warranties related to credit card purchases.

Headquartered in New York, the multinational holding company provides specialty property and casualty insurance products, including workers' compensation, commercial automobile and general liability; extended service and warranty coverage, through its insurance carriers.

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AmTrust Financial acquires Sequoia Insurance and subsidiaries

AmTrust Financial acquires Sequoia Insurance and subsidiaries - Insurance Business Review Jump to page content Accessibility Log in or Register for enhanced features|Forgotten Password? White Papers | Suppliers | Events | Report Store | Companies |Dining Club General Insurance Commercial Lines Personal Lines Claims Insurer Life Insurance & Pensions Intermediaries Brokerage Underwriting London Lloyds Reinsurance Technology Technology in Insurance Outsourcing Regulatory & Risk General Insurance
Commercial Lines ALL IBR | Commercial Lines Commercial Lines Home |News |White Papers |Suppliers |Companies Return to: IBR Home | General Insurance | Commercial Lines Select a Insurance sector ------------------------ Commercial Lines Personal Lines Claims Insurer ------------------------ Life Insurance & Pensions ------------------------ Brokerage Underwriting London Lloyds ------------------------ Reinsurance ------------------------ Technology in Insurance Outsourcing ------------------------ Regulatory & Risk Commercial Lines News AmTrust Financial acquires Sequoia Insurance and subsidiaries IBR Staff Writer Published 23 April 2013

Multinational insurance holding company AmTrust Financial Services has completed the acquisition of Sequoia Insurance and its subsidiaries, Sequoia Indemnity and Personal Express Insurance (Sequoia), for a consideration of nearly $60m.

The definitive agreement, which was originally signed in January, has received all regulatory approvals and even satisfied customary closing conditions.

Commenting on the deal, AmTrust CEO and president Barry Zyskind said that the acquisition will help in expanding its businesses in key markets, including California, which offer opportunities for profitable growth.

The company will continue to acquire business units similar to Sequoia to improve the profitability of its operations in niche markets, Zyskind added.

Sequoia Insurance provides various low hazard property/casualty insurance products such as workers' compensation and commercial package insurance to small businesses in key western states in the US.

During 2012, the underwriter's gross written premium was nearly $140m.

Most recently, AmTrust inked an agreement with the UK-based CPP Group to acquire CPPNA for $40m, which offers administrative services for consumer protection products, such as identity theft protection and warranties related to credit card purchases.

Headquartered in New York, the multinational holding company provides specialty property and casualty insurance products, including workers' compensation, commercial automobile and general liability; extended service and warranty coverage, through its insurance carriers.

Share: Latest News Frontline Homeowners Insurance to offer coastal coverage in Delaware General Insurance > Commercial Lines > News Northdoor partners with Ropner to launch new broking system General Insurance > Commercial Lines > News MphasiS introduces new billing solution for insurance industry General Insurance > Commercial Lines > News AIG Q1 2013 net income declines by $1bn General Insurance > Commercial Lines > News Markel completes acquisition of Alterra acquisition General Insurance > Commercial Lines > News Related News Related Sectors
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Fidelity Life acquires Tower’s major part of life insurance business

Fidelity Life acquires Tower’s major part of life insurance business - Insurance Business Review Jump to page content Accessibility Log in or Register for enhanced features|Forgotten Password? White Papers | Suppliers | Events | Report Store | Companies |Dining Club General Insurance Commercial Lines Personal Lines Claims Insurer Life Insurance & Pensions Intermediaries Brokerage Underwriting London Lloyds Reinsurance Technology Technology in Insurance Outsourcing Regulatory & Risk
Life Insurance & Pensions ALL IBR | Life Insurance & Pensions Life Insurance & Pensions Home |News |White Papers |Suppliers |Companies Return to: IBR Home | Life Insurance & Pensions Select a Insurance sector ------------------------ Commercial Lines Personal Lines Claims Insurer ------------------------ Life Insurance & Pensions ------------------------ Brokerage Underwriting London Lloyds ------------------------ Reinsurance ------------------------ Technology in Insurance Outsourcing ------------------------ Regulatory & Risk Life Insurance & Pensions News Fidelity Life acquires Tower’s major part of life insurance business IBR Staff Writer Published 10 May 2013

Fidelity Life Assurance Company has purchased most of life insurance business from New Zealand insurance company Tower in a deal valued at approximately NZ$189m ($159.54m).

The deal has enabled Tower to concentrate on general insurance business, while the same has strengthened Fidelity's life insurance business in the country.

The acquirer specializes in life insurance, personal protection, business insurance, savings, investment and KiwiSaver.

Based on the terms of the agreement, Tower will market most of its non-participating life insurance policies and retain the capital currently held against those policies.

Apart from this, it will also retain its participating book and other run-off life insurance assets, which have an embedded value of $23m.

Commenting on the deal, Tower Group Managing Director Rob Flannagan said the company now can concentrate on delivering quality general insurance products and services to customers in New Zealand and the Pacific Islands, leveraging off its strong market position.

He further said that the sale was part of the company's strategic review of the business, which will maximize value to its shareholders.

Pending receipt of regulatory approvals as well as satisfying customary closing conditions, the transaction is likely to complete during July 2013.

 

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