Insurance Mergers and Acquisitions

Covering Most of the Substantial Transactions of 3Q and 4Q, 2010

www.WhoBoughtWho.com

One

• 123 Money (Ireland) sold to RSA Insurance Group

• Abri Health Plan sold to Molina• AIG Star Life and AIG Edison sold to Prudential • American Physicians Service Group sold

to ProAssurance • AmWINS sells Fresno office to Crouse and

Associates

Two

• Aon’s U.S. multiemployer actuarial business sold to Segal

• Aris Title Insurance sold to Argo Group• Aspen Holdings sold to Markel• Atlantic Re Sold to Investor Group by Eastern Insurance• Bravo Health sold to HealthSpring• Bupa Health Assurance sold to Resolution• Burnham + Company assets sold to HUB International

Three

• CarInsurance.com sold to QuinStreet• Channel Re sold to MBIA• Chartis

Europe CEO says Some Small Insurers Will Merge or be Acquired under Solvency II

• Clarendon Insurance Group sold to Enstar• Clal Insurance Might Be Sold• Crowe Paradis sold to Brown & Brown• Compagnie Libanaise D’Assurances

SAL sold to Zurich Insurance

Four

• Concentra sold to Humana for $790 million• Crowe Paradis Services Corporation Sold to Verisk

Analytics• DFA Capital Management sold to Conning• Dublin broker Insure.ie sold to Aon• EMB sold to Towers Watson• EnnisKnupp sold to Hewitt• Expect Accelerating Mergers and Acquisitions between

Small Health Insurers

Five

• Expect additional investment consulting firms to be sold or merge

• Expect Reinsurance Mergers and Acquisitions, says Montpelier Re CEO

• Etiqa and Mayban Life Merge• First Investors Consolidated Corp. sold to Foresters• Fortis Life Insurance Ukraine sold to Horizon Capital• Frost Specialty and Integro merge

Six

• FutureScripts sold to Catalyst Health Solutions• Glacier Re sells International Renewal Rights to Enduran

ce• Golden State Mutual sells in-force life business to Indust

rial Alliance• Got Insurance M&A?• Guy Carpenter Subsidiaries to be sold to Randall &

Quilter

Seven

• Health Info Exchange Services Provider Axolotl sold to Ingenix

• Hiscox sells US animal mortality business to Markel• HRS (Sweden) sold to Towers Watson• Ingenix’s

Property & Casualty Medical Bill Review Business sold to Mitchell

• “Most valuable domain name in the world” – Insurance.com – sold

Eight

• Insurance Mergers and Acquisitions are increasing lots, most since 2007

• Insurance Mergers and Acquisitions Now Featured at WhoBoughtWho.com

• Jerneh Insurance Bhd sold to ACE INA International Holdings Ltd

• Liberty Life Insurance sold to Athene Holdings by RBC• Lightyear

Delos Acquisition Corp. to Merge with Southwest Insurance Partners

Nine

• Lincoln National may be sold to Manulife• Majority of Island Capital and Island Capital (Europe) sol

d to Tawa

• Majority of ProClaim America sold to ESIS (ACE). Renamed ESIS ProClaim.

• Mercer Insurance Sold to United Fire & Casualty• Michigan Insurance Company Sold to Donegal Group

Ten

• Minority Stake in J. Malucelli Participacoes em Seguros e Resseguros S.A. sold to Travelers

• New York Life Sells Hong Kong and South Korea Subsidiaries to ACE

• NYMagic sold to ProSight Specialty Insurance• Old Greenwich Consulting Group sold to Arthur J. Gallag

her & Co.

Eleven

• Old Mutual sells US Life operations to Harbinger• Pacific Insurance Berhad sold to Fairfax Financial• Philadelphia-United Life Insurance sold to Baltimore Life• Phoenix Life and Reassurance Co. of New York sold to P

hiladelphia Financial• Pohjantahti Mutual Insurance sold to Pohjola Insurance

Twelve

• Principal Gets Out of the Health Insurance Business, Renewals Sold to UnitedHealth

• Rain and Hail Insurance Service Inc. sold to Ace Ltd.• Rasini Viganò brokerage firm sold to Aon• RBS Hopes to Sell Insurance Business Within 1,200 Days• Reinsurance Advisory Services Sold to Integro

Thirteen

• Renaissance Re Sells US Insurance Operations to QBE• ReSource Intermediaries sold to Integro• RI3K sold to Qatar Insurance Services• Save & Prosper Group sold to Chesnara• Seattle Specialty Insurance Services sold to QBE• 25% of Star Health sold to Sequoia Capital• Stephen R Thomas Actuarial Associates sold to Bolton P

artners

Fourteen

• Sun Life Sells Life Reinsurance Business to Berkshire Hathaway

• Transamerica Re May Be Sold to Scor or RGA• Trion benefits organization sold to Marsh• 80% of UBF Seguros

, a Brazilian insurer, acquired by Swiss Re• Unisource Program Administrators MGA sold to US Risk

Fifteen

• United Investors Life Insurance sold to Protective Life• Vanbreda International sold to CIGNA• Wellpoint

CFO says Health Insurer Mergers & Acquisitions to increase next 2 years

• Windsor Health sold to Munich Re

Sixteen

• www.WhoBoughtWho.com is updated regularly with insurance (and reinsurance) mergers and acquisitions news

• See www.InsuranceStartups.com for insurance and reinsurance startups news

• Also see www.ClaudePenland.com to stay updated

• Thank you!