Insurance Times rounds up the biggest M&A news stories from 30 September to 4 October
The biggest M&A story from this week was not a deal itself, but news that one was being explored. On Wednesday (2 October 2024), reports came in that UK travel provider Saga was in negotiations with Belgian insurer Ageas over a potential deal.
According to a Sky News report, should such a deal go through, Ageas would “make an up-front payment to Saga, with a series of subsequent commission payments, in return for taking over the running of parts of the British company’s insurance operations”.
Today (Friday 4 October), global broker Howden also announced a deal that has seen it take aim at a “leading position” in the health, wellbeing and beauty insurance industry.
In a statement, the firm said it had completed the acquisition of both Associated Beauty Therapists (ABT) and Associated Irish Therapists (AIT), two beauty membership providers that offer insurance broking services to members.
Also on Tuesday, specialty broker Kingfisher Insurance created a new motorsport arm via the acquisition of MIS Motorsport’s UK and Ireland business.
The acquired firm provides on-track insurance coverage, with Kingfisher using the deal to create a new division that will focus on products for professional and amateur motorsports teams and businesses.
And, on Tuesday (1 October 2024), a broking group that itself only launched last year in 2023 announced its second acquisition since spinning up.
Prosura said that it acquired Pontefract-based Donald Schofield in a deal that would see the brand retained, along with all clients and assets of the company, which would be integrated into the group.
The broker added that it was now looking to make a third acquisition to grow even further.
Back at the beginning of the week, on Monday (30 September 2024), JMG Group also hit a milestone with its 40th acquisition. The broker announced the purchase of London-based Confidential Solutions Group (CSG).
CSG s formed of three firms, including managing general agent (MGA) Platinum Underwriting, Lloyd’s broker Leadenhall Insurance Brokers and retail broker Confidential Solutions.
All three business, which collectively write £8m in gross written premium (GWP), will join JMG as part of the deal.
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