Acquisitions

Coalition, a cyber insurtech, received regulatory approval to acquire Munich Re Digital Partners U.S. Holding Corporation’s Digital Affect Insurance Company, a P&C insurer licensed in 50 states.

Aviva has signed a binding agreement with the specialist managing general agent Azur Underwriting Ltd to acquire its high-net-worth personal lines business in the UK and Ireland.

Cover Genius, the insurtech for embedded insurance, announced today its acquisition of Booking Protect, the leading specialist in embedded ticket protection for ticket sellers, platforms and live event companies such as SeatGeek, Spectrix, AudienceView, and Night Out in the US, Zaiko in Japan, See Tickets, Festicket and TicketSource in the UK and OzTix in Australia.

Liberty Mutual Insurance has completed the acquisition of Malaysian insurer AmGeneral Insurance Berhad, which is expected to make Liberty Mutual the country’s largest auto insurer.

Cover Genius, the insurtech for embedded insurance, announced today its acquisition of Booking Protect, the leading specialist in embedded ticket protection for ticket sellers, platforms and live event companies.

InsurTech leader’s latest acquisition adds deep industry talent and two leading MGA solutions into the Vertafore ecosystem.

Gallagher announced recently that it has acquired INNOVU Group Holding Company Limited (“INNOVU Insurance”). Terms of the transaction were not disclosed.

Marsh McLennan Agency (MMA), a subsidiary of Marsh, today announced the acquisition of Clark Insurance, a leading independent agency in Maine. Terms of the acquisition were not disclosed.

Munich Re Life US, part of the global reinsurer, has signalled its intent to buy medical record firm Clareto.

Howden, the London-based international insurance broker, further strengthens its presence in Italy with two new acquisitions: Nord Est Insurance Broker and ASI Insurance Brokers.

Chubb has acquired the renewal rights of DUAL Asia’s financial lines portfolio in Hong Kong SAR and Singapore.

Hundreds of companies have said they are withdrawing or suspending operations in Russia after its invasion of Ukraine, from energy producer Shell Plc (SHEL.L) to carmaker Hyundai Motor Co (005380.KS) to PwC, a global professional services firm.

Slide, an insurtech startup that quickly raised $100 million in seed capital, has acquired $400 million worth of premiums from Orlando-based St. Johns Insurance Co., which recently ceased operations after a ratings agency downgraded it.

Hub will acquire the Insureon digital insurance agency and brand while Bold Penguin will acquire the Insureon technology platform.

The closing makes Liberty Mutual the second-largest carrier serving the independent agent channel.

Trōv, one of the earliest and most widely recognized insurtechs, today announced that its technology has been acquired by The Travelers Companies, Inc. (NYSE: TRV), a leading provider of property casualty insurance for auto, home and business. Most members of Trōv’s team have also joined the company. Terms of the transaction were not disclosed.

Swiss Re has acquired the entire share capital of Champlain Reinsurance Company (CRC), a Swiss-based run-off reinsurance captive of Alcan Holdings Switzerland.

Bolttech, a Singapore-based insurtech unicorn, has acquired local insurance firm Ava Insurance for an undisclosed sum.

HSBC Insurance (Asia Pacific) Holdings, an indirect wholly-owned subsidiary of HSBC Holdings (HSBC), has completed the acquisition of 100% of the issued share capital of AXA Insurance Pte Limited (AXA Singapore) for a consideration of $529m, subject to closing adjustments.

The acquisition of the provider of AI-driven solutions advances CCC’s vision for straight-through processing across the claims lifecycle.

Howden, the London-based insurance broker, has announced the acquisition of Tower SpA, a specialist insurance broker and risk advisory firm based in Vicenza, Italy.

French startup Luko is acquiring German startup Coya in order to grow its European presence and get an insurance license from German regulator. While Luko isn’t disclosing terms of the deal, the company says it’s a 100% share deal, which means that Coya investors are now Luko investors. Those investors include Valar Ventures, Headline and Roland Berger’s family office.

Swiss Re Corporate Solutions has acquired US-based independent ESL managing general underwriter (MGU) TMS Re for an undisclosed sum.

Beat Capital Partners, a long duration investor specialising in the insurance industry, has announced the sale of Tarian Underwriting to Corvus Insurance, a provider of smart commercial insurance products powered by AI-driven risk data.

Tampa-based HCI Group Inc. has agreed to buy United Insurance Holdings’ lines of business in three states.

2021 has been a record year for insurtech funding. As of Q3 2021, more than US$10.5 billion had been raised by companies in the space year-to-date (YTD), surpassing 2020’s total of US$7.1 billion by nearly 48%, data from insurance advisory firm Willis Towers Watson show.

Pet health and insurtech company, Bought By Many, has acquired VetBox, a UK pet health subscription and fulfilment business, in a major step in the extension of its offering beyond insurance.

Kin, a leading direct-to-consumer homeowners insurance technology company, today announced it has completed the acquisition of an inactive insurance carrier that holds licenses in 43 states.

Willis Towers Watson has announced the acquisition of Aerosure, an aviation industry specialist, focused on the Australia, New Zealand and Pacific Island region.

Willis Towers Watson has entered into an initial, non-binding agreement to acquire Leaderim, an insurance broking and consultancy business in Israel.

Insurance broker Willis Towers Watson (WTW) has signed a non-binding agreement to acquire Israel-based insurance broking and consultancy business Leaderim.

HazardHub’s risk API service, derived from comprehensive U.S. property and hazard data, enhances the power of the Guidewire Platform.

Global insurer AXA has entered into an agreement with HSBC Insurance (Asia-Pacific) Holdings Ltd over the sale of AXA Insurance Pte Ltd (AXA Singapore) for a total cash consideration of USD 575 million (€487mn).

Brookfield Asset Management Inc’s reinsurance unit has agreed to buy insurer American National Group Inc. for about $5.1 billion in an all-cash deal, the companies said on Monday.

Boston-based insurtech firm Corvus Insurance has announced the acquisition of Wingman Insurance, which provides a tech platform for cyber and tech E&O coverage across the US.

MGA Corvus Insurance, fresh off of raising $115 million in new venture financing, has made an acquisition with an eye on the admitted coverage marketplace and more digital platform partnerships. More acquisitions appear likely.

Moody’s has entered into an agreement to acquire catastrophe risk modelling firm RMS for approximately $2.0 billion from Daily Mail and General Trust.

Zurich Insurance Group AG is nearing a deal to buy Deutsche Bank AG’s Italian financial promoters network, according to people familiar with the matter.

Aon Plc and Willis Towers Watson Plc called off their $30 billion merger plan on Monday, terminating an agreement that could have made the combined company the world’s largest insurance broker.

Insurance startup bolttech has purchased i-surance a B2B2C digital insurance platform, to accelerate its expansion in Europe.

WeSure is buying 50.4% of insurance company Ayalon’s shares at a $216 million valuation, 33% higher than its Tel Aviv Stock Exchange market cap.