Scor Global Life Americas Holding Inc. is buying Generali U.S. Holdings Inc. for about $750 million, in the latest insurance deal.
Leawood, Kan.-based Generali U.S. is the holding company of Assicurazioni Generali S.p.A.’s U.S. life reinsurance operations. Assicurazioni Generali, headquartered in Trieste, Italy, is an insurance company.
Scor Global Life, headquartered in Charlotte, N.C., is a reinsurer.
Generali U.S.’s purchase follows many other in the consolidating insurance industry. On June 3, Tower Group International Ltd. (Nasdaq: TWGP) announced it is buying American Safety Reinsurance Ltd. for $59 million. In May, Digital Insurance purchased Fallick Insurance Services, and Marsh announced it is grabbing Rehder y Asociados Group, a Peruvian insurer.
BNP Paribas and Deutsche Bank are acting as Scor’s financial advisers. Partners Armand Grumberg, Robert Sullivan, David Friedman, Jessica Hough, Julie Bedard and Kevin Hands, and associates Jon Hlafter, Kai Kramer, Tiffany Meriweather, Sonia Nijjar, Cedric Lor and Benjamin Godard from Skadden Arps Slate Meagher & Flom LLP are legal counsel to Scor. Fried Frank partners Brian Mangino and David Shine provided legal advice to Generali.
For more on insurance M&A, see "Insurance Industry Experiences M&A Uptick."