Monthly M&A Reviews
Join our distribution list
to get M&A monthly reviews via email
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011

March, 2017

March sprang into action with a series of material transactions. Early in the month Travelers, the US-based insurance group, acquired Simply Business, the online SME commercial insurance platform, for around £400m, from Aquiline Capital who sold it for more than three times the money it invested 10 months ago, and JC Flowers, the private investment firm, acquired UK General, the UK commercial MGA, from Primary Group. Later in the month CFC Underwriting, an MGA, completed a management buy-out of the business backed by Vitruvian and Hannover Re, the German reinsurance group, acquired Lloyd’s managing agent Argenta, securing direct involvement in the Lloyd’s market with Syndicate 2121. Other transactions included Clear Insurance Group, the London-based commercial broker, acquiring MPW Insurance Brokers, a Kent-based commercial broker, Aston Scott, the PE-backed commercial broker, acquired A.H. Bell & Co, a Derby-based commercial broker. Academy, the Reading-based commercial broker, acquired Midlands-based Glynwood Insurance Services, extending its geographic reach, Seventeen Group, the London head office based-commercial broking group, also increased its presence in the borders with the acquisition of Westcott Insurance Brokers in Dumfries and Invicta is acquiring the general insurance portfolio of Priory Brokers. Sompo Holdings has now completed its $6.3bn acquisition of Endurance Speciality, the Bermudan-based commercial insurance and reinsurance business, and will integrate it into the group as Sompo International.

February, 2017

Transaction volumes picked up in February with the most significant announcement being RSA agreeing to dispose of £834m of its UK legacy insurance liabilities to Bermuda-based Enstar Group which it expects will boost its Solvency II coverage by 17-20 points. Towergate raised £40m from the issue of shares to Madison Dearborn Partners, raising their stake to 25.63% and R&Q conditionally raised £16.9m, also through a share placing with institutional shareholders and directors.

A number of acquisitions were completed in the month including Global Risk Partners acquiring Higos Insurance, with 20 offices in the South West and in excess of £50m GWP and Clear Insurance Group acquiring MPW, a Kent-based specialist commercial broker with more than 30 staff. James Hallam acquired specialist commercial broker Motor Race Consultants Insurance Services based in Dorking, Finch (part of Broker Network) acquired County Insurance Services, its second acquisition this year, and Manchester-based Principal Insurance acquired the 7,000 motorcycle policy book from Rampdale Insurance Brokers.

In London CBC UK Limited, a retail and wholesale Lloyd’s broker, completed a management buyout for £4m, funded by B.P. Marsh with Andrew Wallas also acquiring a 15% stake and joining as chairman. Lloyd’s insurer Beazley acquired Creechurch Underwriters, with its 30-strong team based in Canada.

Homeserve, the provider of insured repair solutions, acquired a 35% stake in Vetted Limited, trading as Checkatrade, and a 70% stake in Habitissimo SL, both of them online providers of repair solutions based in Chichester and Spain, respectively, for a combined £37m. Private equity firm Inflexion completed the £40m buyout of MyPolicy, the telematics insurance broker and Verisk Analytics Inc, based in New Jersey acquired Healix International, based in Esher and the provider of healthcare insurance and risk management solutions.

January, 2017

January was a relatively quiet month but that did not stop PIB from closing two deals, taking its record up to eight acquisitions so far.  The most recent being the acquisition of TFP Schemes, a specialist provider of cover to taxis, chauffeured vehicles and other specialist markets and the other being the acquisition of DE Ford, a commercial broker with specialties in religious, charity and care sectors.  At the end of the month the management of  Davies Group, the claims management services group, completed a secondary buyout with backing form HGGC, a Californian mid-market private equity firm, exiting Electra Private Equity who received £45m.

Inflexion were in action, backing the buyout of My Policy for £40m.  Finch, part of The Broker Network, made two small acquisitions, Citymain Insurance Services in North Hampshire and County Insurance Services in Kidlington.

Insuretech has also been raising further money in the form of broker Bought by Many raising £7.5m in additional funding from Munich Re’s Digital Partners business unit and Octopus Ventures.