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Mergers and acquisitions


March 2021

The Hartford rejects proposal from Chubb

The Hartford announced on Tuesday that its board of directors, after consultation with its financial and legal advisers, has unanimously rejected Chubb Ltd.’s March 11, 2021, unsolicited proposal to acquire The Hartford. The board reaffirmed its commitment and resolve in the continued execution of The Hartford’s strategic business plan.

January 2019

NYDFS approves AXA Group merger with XL Insurance Co.

On Dec. 26, 2018, the NYDFS Superintendent Maria T. Vullo announced that the NYDFS has approved an application by Plymouth Rock Assurance Corp. to acquire MAPRE Insurance Company of New York. MAPRE Insurance Company of New York is a domestic property and casualty insurer. This acquisition furthers Plymouth Rock’s expansion into New York.

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 New York.

August 2018

The Hartford in a $2.1B 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.

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.

June 2018

Plymouth Rock acquires MAPFRE, plans to continue expansion into N.Y.

Plymouth Rock Assurance Corp. reached agreement on June 14 to continue its expansion into the New York’s insurance market following the addition of MAPFRE Insurance Company of New York, pending approvals from the New York State Department of Financial Services. The transaction includes both home and auto insurance businesses in the state. After entering the state’s auto and home insurance market in April after purchasing 21st Century National Insurance Co., Plymouth Rock plans to write new business in New York this fall. Plymouth Rock has annual premiums exceeding $1.3 billion, and is setting up a path for exponential growth, not only in the state, but in the entire northeast. Your association has contacted Plymouth Rock, and will continue to contact the company, to determine what this means for independent agents and to ensure that their interests are protected.

March 2018

NBIC: 'Business as usual' since merger with Heritage

PIANY 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.

Maidstone Insurance Co. sold to holding company

Maidstone Insurance Co., a New York-domiciled personal-lines insurer with more than 500 appointed brokers, was sold to Special Diversified Opportunities, a publicly traded diversified holding company. Originally operating under the name of AutoOne Insurance, Maidstone was acquired from OneBeacon by Interboro Holdings in 2011 before being rebranded as Maidstone in 2013. More …

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.


May 2016

UPC Insurance acquires Interboro Insurance Co.

UPC Insurance announced the completion and closing of its acquisition of Interboro Insurance Co. on April 29, 2016. According to a UPC Insurance press release, President and CEO of UPC Insurance John Forney stated, "As part of the UPC Insurance family, Interboro will continue to serve homeowners' needs by providing premier customer service along with quality products." Peter Resnick will lead the Interboro group as president of Insurance for Interboro and as a member of the company's board of directors.

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.

November 2015

Towers Watson delays vote on $8.7B deal amid opposition

Towers Watson & Co. postponed a shareholder meeting on the proposed merger with insurance broker Willis Group Holdings Plc, as the consulting firm plans to counter opposition to the planned $8.7 billion deal.

September 2015

United Insurance Holdings Corp. to acquire Interboro Insurance Co.

United Insurance Holdings Corp. announced Sept. 28, 2015, that it has entered into a stock purchase agreement with Interboro, LLC to acquire Interboro Insurance Co., a New York-domiciled property/casualty insurer authorized in New York, South Carolina, Alabama, Louisiana and Washington, D.C. Under the terms of the agreement, UPC Insurance will acquire all of the issued and outstanding common stock of Interboro for $57.0 million. UPC Insurance will pay $48.5 million of cash at closing and issue an $8.5 million promissory note to Parent, which note will mature in 18 months after closing of the transaction and bear interest at an annual rate of 6 percent. The purchase price is subject to adjustment if Interboro's GAAP net book value is less than or greater than $40.7 million as of the closing of the transaction.

July 2015

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

Anthem Inc. and Cigna Corp. 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.

Willis and Tower Watson to merge

Willis Group Holdings and Towers Watson 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.

ACE to acquire Chubb Corp.

ACE Ltd. and The Chubb Corp. 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 …

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 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 …