Tokio Marine Holdings Inc.’s business unit, Houston-based HCC Insurance Holdings Inc., announced an agreement to purchase Privilege Underwriters, Inc. and its specialty subsidiaries, known as Pure Group, for $3.1 billion. The acquisition is expected to generate growth opportunities with high-net-worth individuals.
The Carlyle Group and Tokyo-based T&D Holdings, Inc. announced an agreement to buy a 76.6% stake in Fortitude Group Holdings from American International Group, Inc. for $1.8 billion. (Fortitude’s group companies operate as Fortitude Re.) The transaction provides capital for Fortitude Re’s plan to grow as a platform for acquiring and managing legacy insurance portfolios.
Resolution Life Group Holdings Ltd. agreed to acquire the life insurance business and other closed life and annuity blocks from Voya Financial, Inc. for $1.25 billion. The transaction allows Voya to divest capital intensive legacy blocks to focus on high-growth, capital-light core businesses.
Aon announced an agreement to purchase CoverWallet, a leading commercial digital insurance platform, for an undisclosed amount. Through the transaction Aon is expected to digitize client solutions for small and mid-size clients, expanding its data and analytics capabilities.
Securian Financial Group, Inc. announced an agreement to buy Empyrean Benefit Solutions, Inc., an employee benefits and HR administration platform, for an undisclosed amount. The deal is a strategic move by Securian, supporting its technological improvements and offerings in employee benefits.
Other notable transactions
Interest in companies offering vehicle service warranty contracts drove two transactions during the quarter. Tiptree Inc. in December announced an agreement to buy Smart AutoCare Inc. for $110 million. Additionally, Goldman Sachs Group, Inc. filed forms with the Federal Trade Commission related to its sale of Safe-Guard Products International LLC to Stone Point Capital.
The Carlyle Group announced an agreement to acquire a majority interest in The Hilb Group, LLC for an undisclosed amount. Hilb is expected to use capital from the transaction to grow through M&A activity and expand into new geographies and product lines.
- In Dec 2019, Athene Holding Ltd. announced an agreement to reinsure an $800 million block of U.K. pension benefit liabilities through Athene Life Re International Ltd., a wholly owned subsidiary. The transaction—Athene’s first entry into the U.K. market—increased the firm’s total transactions in 2019 related to pension risk transfer to $6 billion.