Insurance M&A
Sullivan & Cromwell is actively involved in M&A and other strategic transactions involving insurance companies. The Firm is the number one firm for insurance M&A over the last decade through 2009. S&C has been in the top five firms in each of the last eight years.
M&A highlights include:
2009
- Paris Re – acquisition by PartnerRe
- IPC Holdings – acquisition by Validus Holdings Ltd. (following termination of consolidation with Max Re)
- AIG – divestiture of Transatlantic Re
- AIG – sale of Hartford Steam Boiler to Munich Re
- AmTrust Financial – sale of insurance brokerage business to Wesbanco Bank
- CastlePoint – merger with Tower Group
- Goldman Sachs – acquisition of life insurance business from The Hanover Insurance Group
- Mitsui Sumitomo – pending three-way business merger with Aioi Insurance Company and Nissay Dowa General Insurance Company
2008
- AIG – sale of joint venture with Unibanco by selling its shares in Unibanco AIG Seguros to Unibanco – União de Bancos Brasileiros
- Tokio Marine Holdings – acquisition of Philadelphia Consolidated Holding Corp
- PMI Group – sale of Australian operations to QBE Insurance Group
- Fiserv – sale of Fiserv Health to United Healthcare Services
- Goldman Sachs – purchase of Fidelity Mutual in rehabilitation
- ING Groep – sale of NRG to Berkshire Hathaway
- Lightyear Capital – in Triad Guaranty’s announced sale of assets and run-off (abandoned due to GSE and Illinois regulatory action)
2007
- AIG – acquisition of minority interest in 21st Century Insurance Group
- Allianz – U.S. aspects of tender offer for minority interests in AGF (France)
- Lightyear Capital – acquisition of the renewal rights to the existing London market insurance portfolio of Württ AG (Germany), and its subsidiary, Württembergische UK
- Medco Health Solutions – acquisition of PolyMedica
- Morgan Stanley Principal Investments – acquisition, together with Apax Partners, of Hub International
- Ohio Casualty – acquisition by Liberty Mutual Group
- UnitedHealth Group – acquisition of Sierra Health Services
2006
- AXA – acquisition of Winterthur
- AXA – sale of AXA RE to private equity consortium led by Stone Point Capital
- Goldman Sachs-affiliated funds – investment in UICI
- Lightyear Capital – purchase of Sirius America Insurance from WhiteMountains Insurance Group
- Prudential – acquisition of Allstate Financial’s annuity business
- UnitedHealth Group – acquisition by subsidiary UnitedHealthcare of Arnett HealthSystem subsidiary Arnett Health Plans
- UnitedHealth Group – acquisition of John Deere HealthCare
2005
- Allianz – U.S. aspects of acquisition of RAS
- Goldman Sachs Group – acquisition of the variable annuity and variable life insurance businesses of Allmerica
- Lightyear Capital – purchase of NAU Country Insurance
- SCOR – acquisition of remaining 46.65% interest in Irish Reinsurance Partners
2004
- Oxford Health Plans – merger with UnitedHealth Group
- Goldman Sachs Funds – acquisition of MONY by AXA Financial
- Royal Bank of Canada – sale of Liberty Insurance Services Corporation to IBM Corporation
2003-04
- Anthem – acquisition of WellPoint
- Folksamerica – acquisition of workers compensation business of Sierra Health Services
- John Hancock – merger with Manulife Financial
- Prudential – acquisition of CIGNA’s retirement and investment services business
2003
- The PMI Group – acquisition by an investment group of General Electric’s FGIC
- Prudential – acquisition of Skandia U.S.
- SCOR – proposed sale of Commercial Risk Partners
2002-03
- Royal Bank of Canada – acquisition of Business Men’s Assurance Co. of America from Generali
2002
- Anthem – acquisition of Trigon Healthcare
- SCOR – sale of 35% interest in COFACE to Natexis Banques Populaires and sale of Fulcrum Insurance Co. to Argonaut Group Inc.
2001
- Allianz – acquisition of Nicholas-Applegate
- Allianz – U.S. aspects of acquisition of Dresdner Bank
- ING – sale of its U.S. based investment banking operations to ABN-AMRO
- Mitsui Marine – merger with Sumitomo Marine
- SCOR – acquisition of Sorema from GROUPAMA
- St. Paul – sale of Fidelity and Guaranty Life to Old Mutual and acquisition of London Guarantee Insurance Company
2000
- AIG – acquisition of Hartford Steam Boiler
- Allianz – acquisition of Pimco Advisors
- Dexia – acquisition of Financial Security Assurance Holdings
- ING – acquisition of Aetna’s financial services business
- ING – acquisition of ReliaStar Financial Corp.
- Royal Bank of Canada – acquisition of Liberty Life
- St. Paul – acquisition of MMI Companies, Inc.
- St. Paul – sale of its non-standard auto business to Prudential
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