iPMI Magazine Mergers and Acquisitions News: The European Commission has approved, under the EU Merger Regulation, Banco Santander's proposed acquisition of Banco Popular Español, S.A. The Commission concluded that the transaction would not raise competition concerns in the European Economic Area. Banco Santander and Banco Popular are universal banks, providing commercial, retail investment and wholesale banking services as well as insurance services in Spain and Portugal. The Commission investigated the transaction's impact on the markets for retail and corporate banking, leasing, factoring and the provision of ATM services in the Portuguese and Spanish national and regional markets. Its investigation concluded…

Great-West Lifeco Inc. announced that its subsidiary The Great-West Life Assurance Company has completed its previously announced acquisition of Financial Horizons Group, an independent Managing General Agency (MGA) in the Canadian market. Terms of the transaction were not disclosed. The transaction is expected to be earnings accretive, although not material to overall Canadian earnings. "As part of our Canada transformation, we are committed to investing in new capabilities for our business," said Stefan Kristjanson, Great-West Life's President and Chief Operating Officer, Canada. "This strategic acquisition gives our organization a strong presence in the growing independent MGA sector of the Canadian…

Cigna has announced the acquisition of general insurer, Zurich Insurance Middle East (SAL). Howard Gough, CEO of Cigna for the MENA Region, Global International Private Medical Insurance (GIPMI), and Global Government segment, added, “We are witnessing a dynamic change within the GCC region’s healthcare sector, defined by regulatory reform and national agendas that prioritize the importance of quality healthcare. Cigna’s healthcare benefit products and its preventive wellness solutions meet a vital need for companies, and local and globally mobile individuals.” The acquisition, which was successfully completed in June marks the beginning of a new phase of operations for Cigna as…

iPMI Magazine Mergers and Acquisitions News: Alaska-based Beacon Occupational Health and Safety Services (Beacon) announced it has acquired Medic Systems, a remote medical services operation headquartered in Louisiana. Medic Systems is a leader in remote medical services within the Gulf of Mexico’s energy sector. “Continuing to provide our clients best-in-class services is critical,” says Holly Hylen, President and Founder of Beacon. “Our acquisition of Medic Systems and our affiliation with the International SOS Group of companies allows us to enhance client value with unique integrated solutions and expertise across the occupational health and safety spectrum both locally in the Gulf…

Bupa has announced it has completed its agreement to increase its stake in Bupa Arabia by 8% from 26.25% to 34.25% by acquiring a portion of Nazer Group’s stake in the company. Regulatory approvals have been granted by relevant Kingdom of Saudi Arabia (KSA) authorities. The increase in Bupa’s stake will strengthen Bupa’s presence in the KSA, in line with its strategy of investing in its market position in geographies in which it already operates. It is recognition of the opportunity to develop the private health insurance market in the KSA, which the government called out as a key growth…

Aon plc (NYSE:AON) has announced it has completed its acquisition of the international health and benefits brokerage portfolio of Mayfair Group, a leading solutions provider to Indian multinational companies. “Mayfair’s expertise with Indian multinational companies and their leading operational platform, combined with Aon’s world class consulting, analytics and placement capabilities will create a powerful value proposition for Indian multinational companies,” said Tim Dwyer, CEO, Aon Health & Benefits Asia Pacific. “We are excited at the opportunity to grow our offering to clients in one of our most important markets”. Mike Chopra, CEO of Mayfair Group commented, “We have been exploring…

Palatine Private Equity has agreed a sale of Chase Templeton, a leading provider of private medical insurance, to Nevada Investments, the investment vehicle set up by HPS Investment Partners and Madison Dearborn Partners. The acquisition is subject to regulatory approval and customary conditions to completion. The move will see previous backer Palatine exit the fast-growing private medical insurance broking business in which it invested in 2013. Since then Chase Templeton has enjoyed rapid growth as it pursued a “buy and build” strategy which saw it complete over 75 acquisitions and grow its in force annual premium income from approximately £90m…

Hannover Re has reached an agreement to acquire the UK holding company Argenta Holdings plc (“Argenta”), which owns the companies Argenta Syndicate Management and Argenta Private Capital as well as a pro rata share of the Lloyd’s syndicate Argenta Syndicate 2121. The parties have agreed to maintain confidentiality regarding the purchase price. "For some time now we have been interested in a Lloyd’s syndicate with a view to gaining additional access to international and London Market business. We are delighted to have found an ideal partner in Argenta", Ulrich Wallin, Chief Executive Officer of Hannover Re, stated. The syndicate focuses…

Further to the announcement made on 5 October 2016, SOMPO Holdings, Inc. ("SOMPO") is pleased to announce that following approval of the applicable regulatory authorities, as well as the satisfaction of other customary closing conditions, it has completed its acquisition of 100% of the outstanding ordinary shares of Endurance Specialty Holdings Ltd. ("Endurance"). The total consideration for the acquisition is US$ 6.3 bn. Endurance's ordinary shares will cease trading following the market close on 28 March 2017. Endurance will be integrated into SOMPO Holdings through the creation of Sompo International, which will be based in Bermuda and will be a…

iPMI Magazine Mergers and Acquisitions News: GBG Assist, the in-house Emergency Assistance and Claims Operation of Global Benefits Group has announced the acquisition of Quality Health Management, LLC (QHM), a third-party administrator and cost containment firm, to strengthen its service offerings. Headquartered in Miami Lakes, Florida and founded in 2000, privately held QHM specializes in reducing the cost of medical expenses, offers provider network access in more than 80 countries. QHM provides customized patient assistance, primarily for international patients seeking care in the United States, as well as patients seeking care globally outside of their country of origin. Following this…

AJG recently acquired Ace IRM Insurance Broking Group to expand its presence in Australia. Terms of the deal remained undisclosed. Beenleigh, Queensland-based Ace IRM Insurance is a retail insurance brokerage company that was established in 1981. The company caters to its clients in Australia by providing commercial and personal lines broking services. Ace IRM Insurance is an expert in providing insurance coverage for strata management and veterinary services. It offers its services to the commercial, industrial and hotel/hospitality industries. Ace IRM Insurance boasts solid presence in the key growth areas of south Brisbane and hence, the acquisition is a strategic…

Aetna (NYSE: AET) and Humana (NYSE: HUM) have mutually ended their merger agreement following a ruling from the United States District Court for the District of Columbia granting a United States Department of Justice request to enjoin the merger. “While we continue to believe that a combined company would create greater value for health care consumers through improved affordability and quality, the current environment makes it too challenging to continue pursuing the transaction,” said Aetna Chairman and CEO Mark T. Bertolini. “We are disappointed to take this course of action after 19 months of planning, but both companies need to…