Major Insurance Deals and Industry Moves
The insurance industry has seen significant mergers and acquisitions recently. One notable deal is Nearmap’s acquisition of itel, an insurance technology provider based in Jacksonville, Florida. The acquisition, valued at over $1.3 billion, highlights the renewed activity of private equity firms in deploying their capital.
itel provides services to all of the top 100 insurance carriers in North America, using its proprietary database and technology to reduce costs for insurance companies in the property and casualty segment. The company also assists policyholders with damage assessments through its mobile platform. Raymond James and Bank of America acted as financial advisers to itel, while Latham & Watkins served as its legal counsel.
In other news, Motion Specialty has been approved as a Lloyd’s of London coverholder. Founded by former Hiscox executives Dan Alpay and Alex Kickham, the business initially focuses on high-value homes and standalone flood insurance, targeting the wholesale-to-wholesale distribution channel.
Novel Financial Holdings LLC has been formed by industry veterans, including Jacques Bonneau, former CEO of Partner Re, and Rob Bredahl, vice chairman of Howden Re. Novel will manage policyholder-owned reciprocal exchanges and traditional stock insurance companies.
The insurance brokerage landscape is also seeing significant activity. Davis & Towle Insurance Group acquired Tobey & Merrill Insurance in Hampton, New Hampshire, while First MainStreet Insurance partnered with Rentz Agency and Midwest Health Benefits in Minnesota. Coterie, a small business MGA, is relocating its headquarters from Cincinnati to Appleton, Wisconsin.
Internationally, the shareholders of Helvetia Holding Ltd. and Baloise Holding Ltd. have approved a merger to form Helvetia Baloise Holding Ltd., creating the second-largest insurance group in Switzerland.
These developments underscore the dynamic nature of the insurance industry, with companies adapting to changing market conditions through strategic acquisitions and partnerships.
