Mergers and Acquisitions
An Appleby report for the first half of 2018 found much of the world has seen a fallback in the volume of offshore merger and acquisition (M&A) deals. Yet, according to the law firm, value is up "firmly" and organizations are benefiting from a "resurgent world economy."
The joint venture SOBC DARAG has completed its first acquisition: Florida-based Peachtree Casualty Insurance Company (Peachtree). SOBC DARAG was formed in Delaware to support DARAG's expansion into the US and Bermuda/Caribbean runoff markets. The joint venture and Peachtree acquisition were both announced in mid-August.
Mercer's mergers and acquisitions (M&A) readiness research report, titled "Mitigating Culture Risk to Drive Deal Value," found that 43 percent of M&A transactions worldwide experienced such serious culture issues that deals were delayed or terminated or purchase prices were negatively impacted. In addition, 67 percent experienced delayed synergy realization due to culture issues.
Randall & Quilter Investment Holdings Ltd. will acquire Western Captive Insurance Company Designated Activity Company, the Irish-domiciled captive insurance company of the Coffey Group of companies in Ireland.
American International Group, Inc. (AIG), has entered into a definitive agreement to acquire Glatfelter Insurance Group (Glatfelter), a full-service broker and insurance company providing services for specialty programs and retail operations.