M&A
United Insurance Seeks Better Spread in Florida by Acquiring Sunshine State Insurance
United Insurance Holdings Corp. (UPC) announced Thursday that the company has entered into a non-binding letter of intent to acquire 100 percent of Sunshine State Insurance Company (SSIC), a Florida ...
Tower Group Rejects Offer From Eastern European Insurer
Tower Group International's board of directors unanimously rejected a surprise acquisition bid submitted earlier this week from an Eastern European Insurer, choosing instead to focus on an ongoing ...
Troubled Tower Ends Relationship with PwC; Fitch Announces Downgrade, Rating Withdrawal
Tower Group International has fired PricewaterhouseCoopers as its accounting firm, six months after announcing it would restate previously filed financial statements for 2011 and 2012 due to ...
Tower Group Fields Unsolicited Offer From Eastern European Insurer
An Eastern European insurer based in countries including Romania, Bulgaria and Macedonia submitted a surprise bid to snatch up Tower Group International, an unexpected wrinkle in Tower's increasingly ...
Motorists Mutual to Acquire Southeast, Midwest Insurer
Ohio-based Motorists Mutual Insurance Co. has agreed to buy the stock of Consumers Insurance USA, which is based in Murfreesboro, Tenn. Consumers Insurance will become a wholly owned subsidiary of ...
A.M. Best Slashes Tower’s Financial Strength Ratings
Bad news for Tower Group International and its subsidiaries: A.M. Best has downgraded the insurer's financial strength ratings, as the carrier works through the steps of a planned merger with ACP Re. ...
Endurance to Continue Push for Aspen Deal; First Strategic Combo Since ACE-CIGNA, CEO Says
Executives at Endurance Specialty Holdings said they will continue to try to engage Aspen Insurance Holdings in negotiations related to Endurance's bid to acquire Aspen—a dialogue that Endurance ...
Allstate Execs Insist Esurance Is Making Progress
Three years ago, Allstate snatched up direct-to-consumer insurer Esurance, and made it a wholly owned subsidiary, in a bid to reach younger customers through its vast online self-directed consumer ...