Insurance Times rounds up the biggest M&A news stories from 2 December to 6 December
Starting off the week, insurer Zurich completed its acquisition of AIG’s personal travel insurance and assistance business.
The $600m (£473m) deal, which will bring AIG’s Travel Guard business to Zurich, will see the Swiss insurer serve more than 20 million customers and 200 distribution partners globally.
Then, Brown and Brown Europe acquired Drewberry to strengthen its health insurance and employee benefits offerings.
Following this, AbbeyAutoline purchased Wallace Insurance Brokers’ customer book of business.
Based in Coleraine, Wallace Insurance Brokers is a family-owned business that was founded in 1960.
After that, BlackRock announced that it had agreed to acquire Ardonagh backer HPS Investment Partners for around $12bn (£9.41bn).
HPS, which has $148bn (£116bn) in client assets, first invested in Ardonagh in 2015 and has continued to put money into the broker.
Rounding off the week, Direct Line Group (DLG) revealed that it had accepted an improved takeover proposal from rival insurer Aviva.
In a joint statement, it was announced that Aviva had upped its offer from 250 to 275 pence per share, which equals a valuation of £3.6bn.
The two firms have now reached a preliminary agreement on the financial terms for a potential acquisition.
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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