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Mergers and acquisitions


July 2019

DFR approves Centene's acquisition of WellCare Health Plans of Vermont

Centene Corp., filed a Form A Statement to the Vermont Department of Financial Regulation for approval of its acquisition of WellCare Health Plans of Vermont Inc., on May 1, 2019. The DFR held a hearing on June 21, 2019, to review the filing by Centene, and approved the acquisition of WellCare Health Plans of Vermont on July 3, 2019.

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 Vermont.

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.

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.

September 2017

Narragansett Bay Insurance Co. acquired by Heritage Insurance Holdings

Narragansett Bay Insurance Co. recently announced that it has 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

Update on Anthem-Cigna merger

A team of NHID staff assigned to review and analyze the proposed merger of health insurance companies Anthem and Cigna is awaiting information it has requested from Anthem before it can proceed with requesting a formal public hearing. NHID Insurance Commissioner Roger Sevigny will decide whether to approve the merger, in a formal review that is independent from any review of the merger being done by the federal government or other state regulators. The commissioner will make his decision after a public hearing during which his staff will present a recommendation based on review and evaluation of Anthem’s application. At the hearing, Sevigny also will listen to any potential evidence presented by Anthem or members of the public.

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.

April 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.

December 2015

Update on proposed Anthem-Cigna merger

The New Hampshire Insurance Department has announced it is working closely with others states and with the federal government to review the proposed merger between Anthem and Cigna.

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 …

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 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.