M&A Deals: Acrisure, Everspan, Swiss Re Corporate Solutions, Canopius

January 7, 2022

Acrisure has acquired Appalachian Underwriters. Ambac Financial Group subsidiary Everspan Group has completed the acquisition of three admitted insurance carriers. Swiss Re Corporate Solutions has acquired TMS Re Inc. Canopius Group completed a loss portfolio transfer agreement with RiverStone International.


Financial services distribution firm Acrisure has acquired Appalachian Underwriters, a national managing general agency and third-party administrator, along with its affiliated entities.

Oak Ridge, Tenn.-headquartered Appalachian places more than $400 million gross written premium into the insurance market through its MGA and wholesale distribution channels. Core business divisions of Appalachian include workers compensation, commercial specialty, personal lines and transactional wholesale.

Terms of the transaction were not disclosed.

Appalachian’s programs and underwriting facilities are distributed on a national basis and are supported by domestic carriers and Lloyd’s of London.

“Appalachian presents a unique partnership opportunity,” said Greg Williams, co-founder, CEO and president of Acrisure. He said the partnership will expand his firm’s technology platforms as it integrates data and systems with its artificial intelligence strategy. He cited Appalachian’s dataset including claims information as a tool to further model, underwrite and package Acrisure’s risk premium for distribution across multiple markets.

The deal to acquire Appalachian follows Acrisure’s recent acquisition of the MGA and related operations of SUNZ Insurance.

Acrisure’s products include insurance, asset management, real estate services and cyber services. The company boasts revenues of more than $3 billion and has locations in nine countries.


Everspan Group, an Ambac Financial Group subsidiary, has completed the acquisition of three admitted insurance carriers: 21st Century Indemnity Insurance Company, 21st Century Pacific Insurance Company and 21st Century Auto Insurance Company of New Jersey.

The acquired companies will be renamed during the course of 2022. Legacy liabilities of the three newly acquired carriers will remain with the seller.

“The expansion of Everspan’s carrier base will provide greater capabilities to launch new admitted programs, develop innovative products and provide us with enhanced flexibility to foster strategic relationships with prospective program partners,” said Claude LeBlanc, chief executive officer of Ambac and Everspan Group.

Everspan Group is a specialty property/casualty insurance platform comprised of admitted insurers Everspan Insurance Company and Providence Washington Insurance Company, which the group acquired in October 2021, as well as Everspan Indemnity Insurance Company, a surplus lines insurer.


Swiss Re Corporate Solutions has acquired TMS Re Inc., an independent employer stop loss (ESL) managing general underwriter. The deal includes TMS Re’s operations, its team of experts and business portfolio, including new and renewal business.

Financial details of the transaction were not disclosed. TMS Re staff will immediately become employees of Swiss Re Corporate Solutions, and the acquisition has received all necessary regulatory approvals.

Swiss Re Corporate Solutions said the transaction enhances its underwriting expertise while strengthening its product distribution through TMS Re’s direct broker and third-party administrator relationships.

“Combining our distribution, underwriting and capital management capabilities will expand our reach in the US A&H (accident and health) market,” said Ivan Gonzalez, North America CEO of Swiss Re Corporate Solutions.

According to a statement, Swiss Re Corporate Solutions intends that, in due course, ESL business produced by TMS Re will be written through Swiss Re Corporate Solutions’ U.S. carrier, North American Specialty Insurance Company.

Swiss Re Corporate Solutions provides risk transfer solutions to large and midsize corporations around the world. TMS Re Inc. provides comprehensive excess loss products and services tailored to the insurance needs of employer and provider groups.


Canopius Group, the London-based global specialty re/insurer, announced it has completed a loss portfolio transfer (LPT) agreement with RiverStone International.

The agreement covers discontinued classes of business underwritten by Canopius’ Lloyd’s syndicates and will see RiverStone’s Syndicate 3500 indemnify Canopius against potential losses in respect of net liabilities valued at approximately $780 million. The portfolio transfer was brokered by Gallagher Re.

“This LPT with RiverStone provides Canopius with finality on our discontinued lines, allowing us to focus on our core business and releasing capital to reinvest in support of our future growth aspirations,” said Nick Betteridge, chief actuary of Canopius.

“With the current positive market environment, we see this as a great time to continue to invest and grow our business in 2022 and beyond,” he added.

“We are delighted to have executed this legacy portfolio transaction with Canopius, which continues to build upon our strong position in Lloyd’s. We look forward to working closely with Canopius through the transition phase and to maintaining the high-quality level of service for policyholders and claimants,” said Riverstone’s CEO Luke Tanzer.