12 Acquisitions Already Driving Change in the Insurance Industry in 2024
12 Acquisitions Already Driving Change in the Insurance Industry in 2024
There has been a flurry of activity in the acquisitions space in the first weeks of 2024. Insurtech Insights looks at the first month of mergers in a buyers market. 

In the dynamic landscape of the insurance industry, acquisitions represent pivotal manoeuvres that shape the competitive terrain and redefine market dynamics. 

Market consolidation is a key driver of acquisitions. As companies seek economies of scale and synergies to remain competitive, mergers and acquisitions become strategic imperatives for growth and sustainability. 

Additionally, competitive pressures and the pursuit of diversification often fuel acquisition activity as insurers aim to broaden their product offerings, enter new geographic markets, or strengthen their positions in specific segments.


CEO: Lee Shavel

Acquired: Rocket Enterprise Solutions GmbH

Verisk recently announced the completed acquisition of Rocket Enterprise Solutions GmbH, an insurtech provider based in Germany specialising in the property claims sector. Rocket joins Verisk’s European claims solutions group and will be led by Michael Rodenberg, Verisk’s director of property claims solutions in Germany. The acquisition expands the company’s footprint in Germany, which includes Actineo, a leader in the digitalisation and medical assessment of bodily injury claims, and Krug, a market-leading motor claims solutions provider. 

“Throughout our work together, we’ve seen enormous potential in Rocket’s ability to support clients’ digital transformation journeys,” said Samer Abou-Jaoudé, Verisk Claims Solutions Managing Director in Continental Europe. 

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Pan-American Life Insurance Group

CEO: José S. Suquet

Acquired: Encova Life Insurance Company

Pan-American Life Insurance Group (PALIG) successfully concluded the acquisition and merger of Encova Life Insurance Company, marking a significant development in the realm of life, accident, and health insurance services.

According to reports, the move bolsters PALIG’s presence and influence in the US, amplifying its scale, reach, and investment portfolio. Furthermore, it has been confirmed that all existing Encova Life policies will seamlessly transition to PALIG, with no alterations to product terms or features for current policyholders.

José S. Suquet, Chairman of the Board and Chief Executive Officer of PALIG, commented, saying: “We are very pleased to have closed this strategic transaction that complements and strengthens PALIC’s Mutual Trust Life Solutions (MTLS) division.”

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CEO: Adam Elster

Acquired: Decision Research Corporation (DRC)

Global cloud insurance software solutions leader, Majesco, has announced a strategic move by acquiring the Decision Research Corporation (DRC) business—a significant player in SaaS-based insurance software.

The acquisition brings a cutting-edge enterprise rating, a robust reinsurance solution, and a core platform tailored for the rapidly expanding MGA, MGU, and smaller insurer segment in the Property & Casualty (P&C) market.

The move is expected to boost Majesco’s P&C Solutions to new heights, delivering essential technologies that align with their growth strategies, foster innovation, and enhance speed to market, catering to the ever-evolving landscape of risk and market demands.

“We’re thrilled to welcome DRC’s customers to our community and look forward to working with them to fast-track their growth, innovation and customer excellence strategies,” said Adam Elster, Majesco CEO. 

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CEO: Tomer Weingarten

Acquired: PingSafe

SentinelOne, a leading AI-powered security company partnered with industry leaders including Chubb and Travelers, announced the acquisition of PingSafe in January 2024.

The move will result in the integration of PingSafe’s cloud native application protection platform (CNAPP) into the SentinelOne Singularity Platform and will deliver a unified security solution, bridging the gap between cloud and enterprise domains. 

Ric Smith, Chief Product and Technology Officer, SentinelOne: “With the addition of PingSafe, we intend to redefine cloud security by fusing best-of-breed cloud workload protection, AI and analytics capabilities with a modern and comprehensive CNAPP.

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CEO: David Howden

Acquired: Arctic Insurance

Howden, the global insurance group, has solidified its position in the Norwegian market with the recent acquisition of Arctic Insurance AS, a rapidly growing insurance broker based in Oslo.

The move is part of Howden’s broader strategy to boost its influence in the Nordic region, focussing investment in local expertise and delivering global capabilities to clients within regional markets.

Established in 2014 with the support of Arctic Group, Arctic Insurance specialises in Property & Casualty, Financial Lines & Specialty, Employee Benefits, and Pensions.

“Joining forces with Howden represents the next exciting step in our journey,” said Arctic Insurance CEO Alexander Ringvold. 

“Despite considerable interest from other brokers, we chose Howden because of a shared vision and shared set of values – including putting our people first and empowering the industry’s very best entrepreneurial talent to deliver superior solutions for clients.”

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CEO: Alan Schnitzer

Acquired: Corvus

Corvus Insurance is now officially part of The Travelers Companies, after the acquisition process was successfully concluded in early January 2024.

The completion of the acquisition, valued at approximately $435 million, was officially disclosed by Travelers in an update, following the initial announcement in November 2023.

“We have forged a strong strategic partnership with the talented team at Corvus over the past year, and we are pleased to officially welcome them to the Travelers family,” said Alan Schnitzer, Chairman and Chief Executive Officer of Travelers. 

“With a proven platform and deep cyber underwriting and risk management expertise, Corvus brings to Travelers important cyber capabilities.”

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CEO: Douglas Hammond

Acquired: Advanced Insurance Consultants Limited (AIC)

International broking and consulting firm, NFP, has announced the  acquisition of Advanced Insurance Consultants Limited (AIC). 

According to reports, the acquisition, which was completed on December 15th 2023 – but only announced in January 2024, will bolster NFP’s expansion strategy and client base in its commercial insurance offerings in the key markets of London and the South East. 

The integration of the entire AIC team into NFP marks a significant milestone, positioning the firm to provide enhanced services and expertise to clients in the region.

“AIC is well respected by its clients, peers and partners, and has a brilliant team of insurance professionals supporting their operation,” said Matt Pawley, regional managing director, NFP in Europe. 

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CEO: J. Patrick Gallagher, Jr.

Acquired: Forest Insurance Facilities 

Arthur J. Gallagher & Co. has announced the acquisition of Forest Insurance Facilities by its US wholesale brokerage, binding authority, and programmes division, Risk Placement Services, Inc. (RPS).

Louisiana-based Forest Insurance Facilities operates as a commercial lines wholesale insurance broker and managing general agency (MGA), catering to clients across Louisiana. The terms of the acquisition deal were not disclosed.

“Forest Insurance Facilities is a well-regarded business whose surplus lines expertise will enhance our wholesale capabilities in the region,” said J. Patrick Gallagher, Jr., Chairman and CEO.

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CEO: Christian Wiens

Acquired: deineStudienfinanzierung

German insurtech Getsafe has successfully acquired deineStudienfinanzierung, a digital platform specialising in student loans. The acquisition aligns with Getsafe’s commitment to diversifying its offerings and enhancing its presence in the financial services sector. The deal, reported to be in the mid to high seven-figure range, signifies a substantial investment by Getsafe to further strengthen its position in the market.

Christian Wiens, founder & CEO of Getsafe, said: “One of the structural problems of traditional insurers is that they have outsourced customer acquisition to brokers. This not only compresses their margins and hinders innovation but also goes against the buying behaviour of Gen Z. 90% of our customers are first-time insurance buyers. They would never step into a broker’s office. We have observed a common pattern when talking to our customers.”

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CEO: Chris Walters

Acquired: Jacque Pirtle Insurance and LPL Insurance Agency

Inszone Insurance  successfully acquired Jacque Pirtle Insurance and and LPL Insurance Agency.

Inszone Insurance is a leading provider of commercial, personal, and benefits insurance, proudly announces the completion of this significant acquisition. The company’s dedication to exceptional customer service and cutting-edge insurance offerings remains unwavering as it expands its footprint across multiple states.

“We are delighted to extend a warm welcome to Jacque Pirtle Insurance as part of the Inszone Insurance family,” stated Chris Walters, CEO of Inszone Insurance Services. 

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Author: Joanna England

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