Allianz Global Corporate & Specialty SE (AGCS) to sell its U.S. Fireman's Fund insurance businesses to Arch Insurance for $1.4 billion.

Clyde & Co. insurance industry M&A report shows a drop from 2022 to 2023, but a recent recovery that could power a rebound this year.

The Charlotte, North Carolina, company has agreed to sell its remaining 80% stake in its insurance brokerage unit to raise billions of dollars in cash and extra capital. The "wild card" is how Truist will deploy them, one analyst says.

Travelers, Nationwide and Aon lead a collection of new partnerships and acquisitions that will leverage tech to attract customers.

Banks' sales of insurance agencies for eye-popping multiples emerged as one 2023's notable trends. Though the bandwagon shows no sign of slowing, several prominent community banks appear to be holding on to their insurance operations.

Banks large and small are selling some or all of their insurance subsidiaries, enticed by the high prices they're being offered. Here's a rundown of the deals that were struck in 2023.

NFP Chief Executive Officer Doug Hammond will continue to lead the business as an independent, connected platform within Aon, reporting to Aon President Eric Andersen.

The Pennsylvania bank has agreed to sell its Exchange Underwriters subsidiary to World Insurance Associates for $30.5 million, saying that the deal will help pad its capital and liquidity.

Synchrony Financial bought Pets Best ahead of a pandemic-driven surge in the pet insurance business. Now it's selling the subsidiary for a $750 million after-tax gain.

Arthur J. Gallagher & Co. has been a prolific acquirer, purchasing the insurance brokerages from multiple banks over the last year. Its management has indicated it has another $3.5 billion that it can use for more deals.

Proceeds from the sale provide the bank with "flexibility to evaluate and pursue various strategic initiatives to redeploy capital in support of our core banking business," Evans CEO David Nasca said.

The transaction is expected to close early next year.

The private equity firm is planning to solicit interest in the Waltham, Massachusetts-based company in 2024, said the people, who asked not to be identified discussing confidential information.

The Southeast regional bank plans to use the deal's sizable proceeds to pay down wholesale borrowings and restructure its securities portfolio. Numerous banks have made similar moves in recent months.

The acquisition will expand Aon's outreach in India's commercial risk, health and reinsurance sectors.

A new Chubb report identifies business trends and evolving risks affecting mid-market companies.

M&T Bank, Truist Financial and Eastern Bankshares are among the banks that have sold all or part of their insurance subsidiaries over the last year. Though the price is right, analysts warn that when interest rates decline, sellers will be without a key source of fee income.

The deal is expected to be completed later this year, subject to regulatory approval. Marsh did not disclose the terms of the deal.

Both transactions are at an early stage and may not lead to a sale, said the people, who asked for anonymity to discuss the private information.

Brookfield Reinsurance Ltd. agreed to buy all the shares in the US insurer it does not already own for $55 apiece, according to a statement on Wednesday.