Top M&A News in Insurance This Week
Last week was a big one in the world of mergers and acquisitions.
To kick things off, Zurich sealed the deal on acquiring AIG’s personal travel insurance and assistance business for a whopping $600 million. This move brings Zurich’s Travel Guard business to a wider audience, serving over 20 million customers and 200 distribution partners globally.
Next up, Brown and Brown Europe acquired Drewberry, aiming to bolster their health insurance and employee benefits offerings.
AbbeyAutoline made a strategic move by purchasing Wallace Insurance Brokers’ customer book of business. This family-owned business based in Coleraine has been around since 1960.
BlackRock made headlines by agreeing to acquire HPS Investment Partners, the investment firm backing Ardonagh, for a substantial $12 billion. HPS initially invested in Ardonagh in 2015 and has remained an active supporter of the broker.
Wrapping up the week, Direct Line Group (DLG) made a significant decision to accept Aviva’s improved takeover proposal. Aviva sweetened the deal from 250 to 275 pence per share, amounting to a valuation of £3.6 billion. The two companies have now laid the groundwork for a potential acquisition, marking a pivotal moment in the insurance industry.
In summary, last week was filled with exciting developments in the finance and securities world. Stay tuned for more updates on the latest M&A news.
