RSA Insurance Group plc announces the acquisition of 80.8% of Sveland P&C Ltd, for SEK 138m (GBP 12m) in cash. Sveland P&C is the 9th largest private insurer in Sweden with gross written premiums of SEK 480m (GBP 42m) in 2008. Building on the success of our bank distribution model in Denmark, this acquisition will strengthen the Group’s banking distribution and presence in southern Sweden and is consistent with RSA’s strategy of building leading positions in targeted segments. Completion of the transaction is subject to regulatory...  Lire la suite

Singapore’s United Overseas Bank (UOB) said Wednesday it will sell its insurance business to British insurer Prudential in a cash deal worth 428 million Singapore dollars (306.4 million US). Upon completion of the deal, expected on January 31, UOB Life Assurance will cease to be a subsidiary of UOB, the Singapore bank said in a statement. UOB will then enter into a bancassurance agreement with Prudential to distribute various insurance products from the British insurer in Singapore, Indonesia and Thailand for at least 12 years, it said. “The...  Lire la suite

Swiss Re has obtained USD 150 million protection for California earthquake risk through the Redwood Capital XI Ltd. catastrophe bond programme. Swiss Re has entered into a transaction with Redwood Capital XI Ltd. (“Redwood XI”) to receive up to USD 150 million of payments in the event of a California earthquake in the covered area that meets specific trigger criteria. The transaction covers a one-year risk period ending on 31 December 2010. Redwood XI has in turn hedged this risk by issuing catastrophe bonds into the capital markets. Redwood...  Lire la suite

Aviva Investors, the global asset management business of Aviva has agreed to buy 100% of River Road Asset Management (“River Road”), a leading value-oriented US equity manager based in Louisville, Kentucky, with US$3.6 billion assets under management (as at 30 November 2009). This acquisition supports the expansion of Aviva Investors’ third party institutional asset management business by combining its existing expertise in fixed income in North America with River Road’s equity investment capability. The management team and the integrity...  Lire la suite

Marsh today announced it has reached an agreement to acquire HSBC Insurance Brokers Ltd, a wholly owned subsidiary of HSBC Bank. Under the terms of the agreement, Marsh will acquire HIBL in consideration of £135 million, comprising a mixture of Marsh & McLennan Companies, Inc. stock and cash. The transaction, which is subject to all relevant regulatory approvals, is expected to close in the first quarter of 2010. Concurrent with this transaction, Marsh has entered into a Preferred Strategic Partnership (PSP) with HSBC, one of the world’s...  Lire la suite