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Mergers and acquisitions


October 2019

Centene's request to acquire WellCare Health Plans approved

Connecticut Insurance Commissioner Andrew N. Mais approved the acquisition of WellCare Health Plans Inc. to Centene Corp. on Sept. 11, 2019. Order EX 19-48 details the requirements that Centene Corp. needs to meet in order to conduct business with the acquiesced entity.

September 2018

NYDFS approves AXA Group merger with XL Insurance Co.

The New York State Department of Financial Services approved AXA Group’s (which includes AXA SA) application to acquire XL Insurance Co. of New York Inc. and XL Reinsurance America Inc., on Aug. 31, 2018. AXA is acquiring the XL companies by a merger, to preserve the XL assets and the current XL business model. The acquisition’s approval is subject to other regulatory approvals and closing conditions. The company is licensed to do business in Connecticut.

August 2018

Safeco and QBE in huge 47-state independent agency deal

Specialist insurer QBE North America has entered into an agreement with Safeco Insurance, a Liberty Mutual company, involving QBE’s personal insurance independent agency policies in 47 states. Terms of the transaction were not disclosed.

The Hartford in $2.1 billion deal to acquire specialty insurer Navigators

In a $2.1 billion transaction, The Hartford Service Group has agreed to acquire The Navigators Group. The agreement includes a “go-shop” provision, allowing other interested parties to submit proposals to Navigators within a 30-day window.

March 2018

NBIC: ‘Business as usual’ since merger with Heritage

PIACT recently spoke with Narragansett Bay Insurance Co.’s new President Tim Moura regarding the company’s merger with Heritage Insurance. Moura explained that the merger is running smoothly due primarily to the fact that NBIC has kept its management intact. According to Moura, one of the benefits that NBIC will see is when it migrates to Heritage’s system platform. This will give the company the opportunity to expand with existing and new products. NBIC expects to expand into the Mid-Atlantic region, as Heritage expands northward from its home base in Florida. NBIC is looking into the possibility of offering commercial-lines products in New England, as well as a private flood product in New Jersey. It also is looking into the possibility of introducing Heritage’s commercial residential program in the Northeast. Currently, the company does not have plans to expand to Upstate New York.

January 2018

Heritage Insurance obtains regulatory approval to acquire Narragansett Bay

Heritage Insurance Holdings Inc. announced that it has secured regulatory approval from the Insurance Division of the Rhode Island Department of Business Regulation to proceed with its acquisition of NBIC Holdings Inc., the parent company of Narragansett Bay Insurance Co. Heritage set the closing date for the transaction as of the close of business on Nov. 30, 2017. The combined entity will be a leading super regional personal-lines carrier, with a presence in 12 states and over $900 million of gross premiums written. The transaction is expected to be immediately accretive to earnings per share and return on average equity.

AmTrust to form committee to review proposal by Stone Point Capital

AmTrust Financial Services Inc. announced that its board of directors appointed a special committee to consider the Jan. 9, 2018, proposal from private equity funds managed by Stone Point Capital LLC, together with Barry D. Zyskind, chairman and CEO of AmTrust; and George Karfunkel and Leah Karfunkel to acquire all of the outstanding shares of common stock of AmTrust that the Karfunkel-Zyskind family does not already own or control for $12.25 per share in cash.

August 2017

Heritage to acquire Narragansett Bay Insurance

Heritage Insurance Holdings Inc. announced that it has signed signed an agreement to sell the full assets of the company to Heritage Insurance Holdings. Your PIA Business Issues Director Jim Pittz, CIC, CPIA, reached out to NBIC’s Senior Vice President Tim Moura to review the pending acquisition and its impact on independent agents.

The deal was announced on Aug. 8, and it is expected to close by the end of the year. Heritage, based in Clearwater, Fla., has a business model similar to NBIC’s, focused on coastal property insurance. It offers home, condo, rental property and commercial residential insurance and operates in Florida, North Carolina, South Carolina, Georgia, Alabama and Hawaii. The company also is licensed in Mississippi. Heritage Chairman and CEO Bruce Lucas recognized the acquisition as a critical step in Heritage’s geographic diversification strategy, noting that they will be looking to "expand the commercial residential expertise we have cultivated in our current markets to the Northeast."

Moura noted that the acquisition by Heritage is a positive step for NBIC’s future and that joining forces will provide long-term financial resources and operational support to position NBIC for continued growth and success. Once the transaction closes, the new company will write nearly $1 billion in premium along the eastern seaboard. With similar business models, NBIC expects a smooth transition for agents and customers. According to Moura, "Heritage came to us because we are a strong company with a profitable business, great people and a solid strategy, and we are very excited about leveraging our combined strengths to provide even more value to our agents and customers."

NBIC will introduce a new dwelling fire product, which has been approved in New York, and will work with Heritage to bring commercial residential capabilities to its agents. In the coming months, NBIC and Heritage management will be collaborating to develop a comprehensive integration plan and will share more information with agents as it becomes available.

Once the transaction is complete, NBIC has agreed to meet with PIA to update the association on its progress and to continue to build a strong relationship with the association.

July 2016

CID suspends its review of proposed Anthem-Cigna merger

As a result of the federal antitrust lawsuit, the Connecticut Insurance Department has immediately suspended its review of Anthem’s Form A application.

May 2016

Nationwide departs from NFIP Write Your Own Program; opportunity opens for Assurant's acquisition/assumption

Nationwide's recent announcement to leave the National Flood Insurance Program will give Assurant Inc. a chance to acquire or renew 250,000 of Nationwide's flood policies, which represent about $230 million in written NFIP premium. The announcement suggests that no changes would be made to existing Nationwide NFIP benefits or policies, which should remain in effect until renewal. Arrangements have been made for current NFIP policyholders to have the option of easily renewing through Assurant, with Nationwide agents being able to offer NFIP policies through Assurant going forward.

April 2016

AmTrust-Magna Carta FAQ

AmTrust and Magna Carta Cos. recently announced they have entered into an arrangement by which AmTrust obtained the renewal rights to Magna Carta's commercial lines of business. PIA spoke with a representative of AmTrust for additional information on how its business agreement with Magna Carta will be handled. To review the FAQ, click here.

The Harford to acquire Maxum Specialty Insurance

The Hartford announced it has entered into a definitive agreement to purchase Norther Homelands Co., the holding company of Maxum Specialty Insurance Group, for $170 million in cash. Maxum will maintain its brand and limited wholesale-distribution model and will be managed as a separate unit within The Hartford's small-commercial business.

The transaction, which will not have a material impact on The Hartford's financial results, is expected to close in the third quarter of 2016, subject to obtaining regulatory approvals and other customary closing conditions.

March 2016

AmTrust North America, Magna Carta sign renewal rights agreement

Magna Carta Cos. and AmTrust America Inc. announced today that the companies have entered into an agreement that includes a series of reinsurance contracts and related agreements. The companies are emphasizing that the transaction “provides for the sale of the renewal rights to a portion of Magna Carta's commercial insurance business to AmTrust.”

AmTrust notified its agents of the agreement with Magna Carta earlier this week, explaining that it had purchased the renewal rights to its businessowners; commercial package; workers' compensation, commercial automobile; umbrella; monoline property; and monoline general liability policies, and that it would retain Magna Carta management and underwriting staff to bolster retention of these accounts.

Policies subject to this agreement will begin with renewal effective dates on or about June 1, 2016.

Prior to each policy's renewal effective date, Magna Carta will provide a nonrenewal notice within the statutory notice requirements. At that time, AmTrust will separately issue a replacement policy to your agency and the insured utilizing current AmTrust-filed rates and forms. This replacement policy will endeavor to provide coverage comparable to the expiring Magna Carta policy.

PIA will continue to closely monitor this transaction and will provide members with additional details as this transaction proceeds.

January 2016

State attorneys general joining probe on health insurer mergers

About 15 state attorneys general have joined the Justice Department's probe of two big insurance mergers, according to people familiar with the matter, increasing the scrutiny on proposed deals that would reduce the number of nationwide health insurers to three from five. The formation of a large group to scrutinize Aetna Inc.'s plan to buy Humana Inc. and Anthem Inc.'s bid for Cigna Corp. complicate what is already expected to be a tough and lengthy review by federal antitrust enforcers. Connecticut, Florida, Iowa, Massachusetts and Tennessee are among the states that have joined forces to investigate the proposed deals. More …

July 2015

ACE to acquire Chubb Corp.

ACE Ltd. and The Chubb Corp. yesterday announced that the boards of directors of both companies have unanimously approved a definitive agreement under which ACE will acquire Chubb. Upon closing of the transaction, ACE shareholders will own 70 percent of the combined company, and Chubb shareholders will own 30 percent. The consideration represents an approximately 30 percent premium to Chubb's closing price of $95.14 on June 30, 2015. More …

Willis and Tower Watson to merge

Willis Group Holdings and Towers Watson this week announced the signing of a definitive merger agreement under which the companies will combine in an all-stock merger of equals transaction. Based on the closing prices of Willis and Towers Watson common stock on June 29, 2015, the implied equity value of the transaction is approximately $18 billion. The transaction has been unanimously approved by the board of directors of each company. The combined company will be named Willis Towers Watson.

Anthem Inc. signs $54 billion deal for Cigna Corp.

Anthem Inc. and Cigna Corp. last week announced they have entered into a definitive agreement whereby Anthem will acquire all outstanding shares of Cigna in a cash-and-stock transaction. The total per-share consideration totals to approximately $188 for each Cigna share, based on Anthem's closing share price on May 28, 2015. The total value of the transaction is $54.2 billion.

April 2015

Allianz completes sale of Fireman's Fund personal lines to ACE

Allianz Global Corp. & Specialty North America said it has completed the sale of the U.S. personal-lines business of Fireman's Fund Insurance Co. to ACE Ltd. The sale, which closed on schedule, is valued at $365 million and includes the renewal rights and reinsurance of existing liabilities. This sale allows Allianz to focus on building its commercial property/casualty business across North America under the Allianz brand, creating a business with combined revenues that are expected to total over $ 3 billion, based on gross premiums written in 2013. The Fireman's Fund personal insurance business will be integrated into ACE's existing high-net-worth personal-lines business.

March 2015

AmTrust to acquire ARI Mutual Insurance in Pennsylvania

AmTrust Financial Services Inc. announced last week that it has entered into a definitive agreement, pending regulatory and policyholder approval, to acquire ARI Mutual Insurance Co., in Newtown, Penn., following the completion of the conversion of ARI to a stock company from a mutual company. The company also has entered into a quota-share reinsurance agreement with ARI, and the transaction is expected to close by the fall of 2015. More …

February 2015

MiddleOak rolls over personal-lines book of business

MiddleOak Insurance Co. has reached an agreement with MAPFRE, USA to roll over its $70 million dollar book of personal-lines business. This change will become effective on March 1 for new business and May 1 for renewal business. MAPFRE and MiddleOak have scheduled a series of agency meetings to answer any questions agents may have. Stay tuned for more information in next week's Reporter.