M&A

ISC adds Paramount trucking programs to online platform and seeks further M&A

Two Sigma-backed Integrated Specialty Coverages (ISC) is eyeing fresh program launches, team additions and an active M&A pipeline after adding the two Accident Fund-fronted trucking programs written by its MGA Paramount to its online platform, The Insurer can reveal.

Altamont deal to buy California insurer Topa called off

Altamont Capital Partners and the parent of Topa Insurance Group will not go forward with their deal for Altamont to acquire the California insurer.

XPT’s Western Security Surplus buys Houston Surplus Lines

BP Marsh-backed specialty insurance distribution platform XPT Group has added a second acquisition in three weeks with its Western Specialty Surplus (WSS) unit buying binding authority specialist Houston Surplus Lines (HSL), The Insurer can reveal.

Paragon completes Trident Public Risk acquisition from Argo

MGA platform has closed on the purchase of Trident Public Risk Solutions from Argo in a move that it said positions it as one of the largest providers of commercial insurance coverage for public entities in the US.

XPT takes GWP to $250mn with LP Risk acquisition

BP Marsh-backed specialty insurance distribution platform XPT Group has completed its sixth investment with a deal to buy MGA and wholesale broker LP Risk, The Insurer can reveal.

Clear Blue not for sale despite approaches

Pine Brook is not looking for an imminent exit from Clear Blue despite speculation about a number of recent approaches for the fast-growing fronting specialist, The Insurer can reveal.

Euclid Transactional announces underwriting promotions

M&A managing general agent Euclid Transactional has made a quartet of promotions within its North American underwriting team.

Start-up Obsidian buys admitted platform from The Doctors Company

Bill Jewett’s hybrid program fronting start-up has secured an admitted platform with the acquisition of a shell company from The Doctors Company ahead of an expected launch next month, The Insurer can reveal.

Hilltop to sell National Lloyds to Align for $150mn

Hilltop Holdings has agreed a deal to sell its specialty property carrier National Lloyds Corp to private equity-backed program and MGA platform Align Financial Holdings for $150mn.

Transverse adds E&S platform with Arrowood acquisition

Program fronting start-up Transverse Insurance Group has secured an E&S platform with the acquisition of Arrowood Surplus Lines Insurance Company (ASLIC) as it builds out its operation in the US.

Brown & Brown to buy Canadian MGA Special Risk

Brown & Brown’s programs platform has agreed a deal to buy Canadian MGA Special Risk Insurance Managers as the US intermediary looks to build its presence north of the border.

Tokio Marine pays up for Pure growth trajectory and fee-based income

Tokio Marine’s agreed $3.1bn acquisition of high net worth (HNW) specialist Pure expands the Japanese giant’s US specialty primary insurance business and taps into stable fee-based income in a fast-growing marketplace.

Ryan Specialty Group to acquire The Suitelife

Expansive managing general agency Ryan Specialty Group (RSG) has agreed to acquire the assets and operations of US programme manager The Suitelife (Suitelife).

JenCap to buy program platform Aran

Expansive Carlyle-backed wholesale consolidator JenCap Holdings has agreed a deal to buy specialty program administrator Aran Insurance Services Group.

Specialty Program Group buys The Mechanic Group

Hub International’s expansive program underwriting platform has added another MGA to its stable with a deal to buy security insurance specialist The Mechanic Group (TMG).

Workers comp specialist Benchmark working with KBW on potential sale

The parent of US workers compensation program carrier Benchmark Insurance Company has retained investment bank KBW for a potential sale process, The Insurer can reveal.

Goldman Sachs and TPG to offer shares in ProSight IPO

US program insurer ProSight Global last week filed an S-1 with the SEC ahead of a potential IPO on the New York Stock Exchange.

Glatfelter to transfer $450mn book to AIG paper by 1.1

Program manager Glatfelter is in the process of transitioning the portfolio of business it currently writes on Munich Re paper to the balance sheet of its new owner AIG by 1 January 2020, The Insurer can reveal.

Risk Strategies to consolidate and build wholesale platform under Power

Fast-growing US broker Risk Strategies is looking to consolidate its existing network of specialty intermediaries into a single wholesale platform and build it out organically and through M&A under new divisional head Matt Power, The Insurer can reveal.

Goldstein to launch insurance platform with PE backing

Former Integro CEO Bill Goldstein is working on a new insurance platform with RedBird Capital Partners, the private equity hybrid investment firm that has a funding commitment from Ontario Teachers, The Insurer can reveal.