M&A – Page 128
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Online onlyCould Munich Re be facing a battle with the names?
German reinsurer may find it difficult to gain 100% control of new syndicate
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Private equity firm buys Cunningham Lindsey
Stone Point acquire majority stake in loss adjusting group
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Big consolidators pricing out small brokers seeking to buy
Essex broker RG Ford has hit out at the major consolidators, claiming their spending power is preventing medium-sized brokers from making acquisitions.RG Ford managing director Giles Ford said the big money paid by large groups, such as Towergate and Oval, was pricing them out of the market.He said: “What we ...
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NewsWhy would a consolidator want a broker network?
As rumours grow about the possible sale of the Broker Network to a consolidator, Danny Walkinshaw assesses the potential value of such an acquisition
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Stakeholder objection blocks JLT’s First City bid
Jardine Lloyd Thompson (JLT) has been unsuccessful in its bid to buy independent Lloyd’s broker First City.The companies have been in talks, but it is understood that a deal could not be struck because a major stakeholder objected to the takeover.Senior sources confirmed that the companies had met, but talks ...
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VP passes £500m GWP
AXA’s insurance broking arm Venture Preference (VP) surpassed the £500m premium income mark with the acquisition of the Health Insurance Group (THIG).THIG, which was purchased for an undisclosed sum, is an independent UK private medical intermediary generating £45m of gross premium income.The purchase propels Venture Preference into the private medical ...
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Munich Re to make second Lloyd’s buy
Munich Re will strengthen its presence in Lloyd’s with the acquisition of Syndicate 318, it announced this week.The German reinsurer expects to complete the acquisition of MSP Underwriting, owner of managing agent Beaufort Underwriting and service company Evergreen Underwriting Services for a price it says is “in the mid double-digit ...
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Cooper Gay
Lloyd’s broker Cooper Gay is looking to acquire smaller Lloyd’s brokers as part of a “growth play”.The company is focusing on brokers that wished to retain their independence, chief executive Toby Esser said this week.Although he was unable to disclose potential targets, he said the strategy would involve strengthening existing ...
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Cobra set to create hubs in seven regional centres
Broker group in regional drive following Manchester broker buy
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Broker Network rejects takeover bid
Broker Network has rejected an approach from a potential buyer, believed to be Towergate. In a statement to the stock exchange on Tuesday, Broker Network said discussions had been held with a company, but the approach had been rebuffed. It said: “It [Broker Network] has concluded that the terms and ...
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Oval confirms talks of Allianz stake in group
Oval has confirmed that it is in discussions with Allianz about taking a stake in the broker group.Managing director Jeff Herdman said that the company hoped to make an announcement regarding Allianz’s stake – believed to be 10% – in the next few weeks. He would not comment on speculation ...
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Oval acquires two more brokers
Addition of Devon and Sheffield based companies brings total acquisitions to 22
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Consolidation surge before capital gains rise
A surge in broker consolidation has been predicted as sellers look to avoid increases in capital gains tax announced in the Pre-Budget Report. But there were mixed views on how the proposed changes would affect acquisition prices.Last week the Chancellor, Alistair Darling, said capital gains tax would increase from ...
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Buyers stalk Broker Network
Towergate was tipped as the most likely buyer this week, following Broker Network's surprise announcement that it had received a bid approach.Towergate, with £200m remaining in its acquisition war chest, is widely thought to have made the approach. But AXA has also been tipped as a potential suitor, fuelling speculation ...
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Giles: consolidator growth could spell end of MGAs
Giles Insurance chief executive Chris Giles has warned that managing general agents (MGA) face a difficult future as their markets disappear, with the growth of the consolidators. His comments came as he admitted that Giles Insurance would be ending its trading relationship with underwriting agencies Primary General and Fusion. The ...
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CBG eyes regions after London buy
Manchester broker CBG is looking to expand into other UK regions after completing its first acquisition outside the North West.CBG paid £2.71m in cash and shares for Marcus Hearn & Co, the trading subsidiary of the Marcus Hearn Group of Companies, based in Shoreditch, London.Marcus Hearn, which offers specialist insurance ...
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Towergate planning swoop on Allen & Allen
Towergate is understood to be in discussions to buy motor specialist broker Allen & Allen. It is believed that the discussions for the acquisition of the Middlesex-based broker are at an early stage. The group, which specialises in non-standard motor insurance, has an annual premium income of more than ...
