Business Moves
Alleghany Corp., Transatlantic Holdings
New York-based Transatlantic Holdings Inc., which called off a merger deal with Allied World Assurance Co. in September, agreed to be acquired by Alleghany Corp. in New York. The cash-and-stock deal is valued at around $3.4 billion. The deal could finally put to an end months-long takeover talks involving Transatlantic. The deal will create “an industry leader in U.S. excess and surplus lines and global specialty reinsurance with significant underwriting diversification by product and geography,” the companies said. A number of companies have been expressing their interest in acquiring Transatlantic. They included Validus Holdings and National Indemnity Corp., part of Berkshire Hathaway.
Liberty Mutual Group, Quinn
Boston-based Liberty Mutual Group completed the acquisition of Quinn’s Irish insurance business, as well as the transfer of all existing Quinn insurance employees to Liberty Mutual’s new Irish company. Liberty Mutual first announced the plan last April. Liberty Mutual has previous experience in Ireland through its Liberty International Underwriters operation in Dublin.
WRM America, FNIIC
WRM America Holding Co., a Uniondale, N.Y.-based specialty lines property/casualty insurance and risk management company, completed the acquisition of Fidelity National Indemnity Insurance Co., the flood insurance business of Fidelity National Financial. FNIIC is the nation’s largest provider of federal flood insurance with 17 percent of the total “Write Your Own” program market in 2010.
Marsh & McLennan Agency, Seitlin
Marsh & McLennan Agency, a New York-based subsidiary of insurance broker Marsh Inc., acquired Seitlin Insurance, one of the largest insurance brokers in South Florida. Seitlin has annual revenue of $24 million and 119 employees in three Florida offices.
Strategic Insurance Agency Alliance
Strategic Insurance Agency Alliance in Hampton, N.H., added eight new member agencies in the Northeast region in October. New Northeast members are: Cosgrove General Insurance; PA Insurance Center; HR Staley Agency; RFG Insurance Agency; Spaulding & Leib Insurance Agency; Cynergy Captive Markets; Jeffrey D. Chapman; and The Genesis Insurance Group.