In a move that significantly strengthens its position in the insurance technology sector, Wipro Limited, a leading technology services and consulting company, has announced a major investment in Aggne, a premier consulting and managed services provider specializing in the insurance and Insurtech industries. This strategic investment makes Wipro Limited the majority shareholder in Aggne, marking […]
Zurich Insurance Company DIFC, a global insurance provider, has implemented TCS BaNCS Insurance for Property and Casualty, a cutting-edge solution offered by Tata Consultancy Services (TCS). This deployment marks a transformative milestone for Zurich DIFC (Zurich Insurance Company Dubai International Financial Center), enabling them to streamline their business processes and unlock a multitude of operational […]
Canadian investment management company Brookfield Reinsurance will acquire Bermuda-based insurance company Argo Group International in an all-cash deal valued at around $1.1 billion. The transaction takes the New York Stock Exchange (NYSE) Argo Group private and just follows the acquisition of Argo Underwriting Agency Limited and its Lloyd’s Syndicate 1200 by Westfield for approximately $125 […]
Aegon has agreed to sell its Dutch pension, life and non-life insurance, banking, and mortgage origination businesses to ASR Nederland (a.s.r or ASR), a Netherlands-based insurance group, in a deal worth $4.9 billion. The sale proceeds for the Dutch insurance giant will include $2.52 billion in cash and a 29.99% stake in ASR. The transaction […]
French multinational insurance company AXA has announced entering into negotiations to acquire Groupe Assurances du Credit Mutuel Espana (GACM Espana) for €310 million in an all-cash deal. GACM Espana is mainly a property and casualty (P&C) and health insurer. AXA will make the acquisition through AXA Spain, which has entered into discussions with Groupe des […]
Liberty Mutual Insurance has wrapped up the previously announced MYR 2.29 billion ($515 million) acquisition of AmGeneral Insurance Berhad, a Malaysian insurer, having secured regulatory approval in Malaysia and signed a purchase and sale deal with AmBank Group. The deal was announced in July 2021 and executed by Liberty Mutual Insurance’s subsidiary — Liberty Insurance […]
Zurich Insurance Group said that it has reached a deal to divest its Zurich Russia, its property and casualty business in Russia, to 11 members of the unit’s team. According to the Swiss insurance giant, its Russian business will independently operate under a different brand under its new owners. Zurich Insurance will no longer carry […]
White Mountains Insurance Group, a Bermuda-domiciled financial services holding company, has agreed to sell NSM Insurance Group to investment funds affiliated with Carlyle for $1.775 billion. NSM Insurance Group is a US-based full-service managing general agent (MGA) and program administrator for specialty property and casualty insurance. It places insurance in niche sectors like social services, […]
Liberty Mutual Insurance, an American insurance giant, has wrapped up the $1 billion worth acquisition of State Auto Group, an Ohio-based property and casualty insurance holding company. Under the terms of the deal announced in July 2021, Liberty Mutual Insurance acquired paid $52 per share in cash to shareholders of the publicly-listed State Auto Group. […]
Tata Consultancy Services (TCS) said that Standard Bank has selected TCS BaNCS Cloud for Insurance solution for Standard Insurance Limited, its short-term insurance business in South Africa, in order to power its digital claims transformation. To be delivered on a SaaS model on Amazon Web Services (AWS) Cloud, TCS BaNCS Cloud for Insurance will help […]