Marsh & McLennan buys insurer Jardine Lloyd Thompson for £4.3bn September 18, 2018 New York-headquartered Marsh & McLennan has agreed to buy UK insurance broker Jardine Lloyd Thompson (JLT) today in a £4.3bn deal. Shares in FTSE 250 listed JLT soared by more than 30 per cent following the announcement this morning. Marsh has offered £19.15 in cash for each JLT share, valuing the business at £4.9bn. Read [...]
Nestle to flog off insurance unit Gerber Life in $1.55bn deal September 18, 2018 Nestle has agreed a deal to sell its Gerber Life Insurance unit to insurer Western & Southern Financial for $1.55bn (£1.2bn). The food giant, which has seen sales slide as consumers shift towards healthier foods, had been looking at offloading underperforming brands in its portfolio, and plans to buy and launch new products to address the [...]
London insurer Thomas Miller piles on sail with Hamburg acquisition September 17, 2018 London-headquartered insurance company Thomas Miller has acquired specialist German shipping, trade and transport insurance specialist Zeller Associates. Thomas Miller, which is based on Fenchurch Street in the heart of London’s insurance quarter, announced today it had agreed to purchase the managing general agency and insurance services operations of Zeller for an undisclosed sum. Read more: Hurricane [...]
Social care funding crisis could be solved by new pensions-style payments, says health secretary September 17, 2018 A social care insurance scheme is being considered by the Conservatives to help tackle the crisis in elderly health provision. The scheme, first revealed by City A.M. in July, would see workers paying in to a dedicated national care fund to help cover the growing cost of social care. Read more: The government has a [...]
Every man’s office is his castle: Chris Morling tells us about the time his business unintentionally spread fake news September 17, 2018 What kind of boss decides to buy a castle and use it as an office? Apparently, a boss like Money.co.uk founder Chris Morling. While some might presume that purchasing a castle is merely a grandiose way of making a statement, Morling is far from a show-off. In truth, the idea started out as a [...]
US insurance sector could take $20bn in losses from Hurricane Florence September 13, 2018 Hurricane Florence could cost the insurance industry more than $20bn (£15.33bn) as millions of people and businesses begin evacuating from the east coast of the US. The storm could hit North and South Carolina later today and cause devastation along the coastline. Catastrophe risk modelling company, Risk Management Solutions, said the category 4 storm could cause [...]
Carlyle Group to buy insurance service Sedgwick for £5.1bn September 12, 2018 Private equity firm The Carlyle Group has acquired US insurance claims service provider Sedgwick for $6.7bn (£5.1bn). Current majority shareholder KKR will exit the group and Stone Point Capital, CDPQ and Sedgwick management will remain minority shareholders when the deal coses later this year. Read more: Plastic packaging giant RPC confirms buyout talks with Apollo and Bain [...]
RSA Insurance Group’s share price climbs as it sells Latin America business to Suramericana for £403m September 8, 2015 Insurance group and takeover target RSA has sold its Latin American arm for £403m cash. The business, which is currently being wooed by Zurich, has inked the deal with Suramericana, the insurance subsidiary of Grupo de Inversiones Suramericana – more commonly known as Grupo Sura. RSA Latin America had total assets of £1.34bn [...]
Pension Insurance Corporation prospers despite fall in new business August 20, 2015 Pension Insurance Corporation yesterday said profits rose during the first half of the year despite a fall in the amount of new business. The company, chaired by Sir Mark Weinberg and led by ex-Goldman Sachs exec Tracy Blackwell, buys the stocks and bonds of final salary pension schemes and takes over responsibility of pensioner payments, [...]
Apax takes control of US-based insurance broker AssuredPartners July 20, 2015 Private equity group Apax has snapped up fast growing US insurance broker AssuredPartners. The broker, which was founded four years ago, was previously owned by buyout firm GTCR and is led by former Brown & Brown executive Jim Henderson. It is currently the sixth largest property and casualty broker in the US, and also has [...]