M&A activity in the insurance industry continued its hot streak overnight with two insurers announcing deals.
Sumitomo Life, a Japan-based life insurance carrier, has acquired Symetra Life, based in Bellevue, Wash., for $3.8 billion dollars. Formerly owned by Berkshire Hathaway, Symetra provides a foothold fo Sumitomo in the U.S., where it currently has no presence. Sumitomo is the fifth-largest life insurer in Japan.
"We are very pleased to be joining forces with Sumitomo Life, a respected industry leader that has a proven track record of success and shares our deep commitment to business practices that deliver strong value to customers," said Thomas Marra, Symetra president and CEO. "Our vision and long-term plans for building Symetra into a national player are unchanged."
Meanwhile, the newly combined XL Catlin made a purchase of its own. Its American unit, XL America, agreed to acquire Allied Insurance Holdings, which comprises a specialty insurance company for amusement parks and related businesses, as well as an independent agency. It is not the same Allied currently owned by Nationwide.
"This acquisition of a leader in a niche specialty risk business with deep, long-standing client relationships and strong customer loyalty is perfectly aligned with the complex underwriting expertise of XL Catlin," commented Mike McGavick, CEO of XL. "Now as part of the XL Catlin team, together, we look forward to new opportunities to further grow the business and build upon Allied's exceptional customer service and solid underwriting performance."
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