Around the P&C insurance industry: December 9, 2020

Fairfax Financial Holdings Limited entered into an agreement with CVC Capital Partners to sell all of its interests in RiverStone Europe to CVC Strategic Opportunities Fund II. OMERS, the pension plan for Ontario's municipal employees, has also agreed to sell all of its interests in RiverStone Europe as part of the transaction. The purchase price to be received by Fairfax on the closing of the transaction is approximately $750 million. Fairfax will be entitled to receive up to $235.7 million post-closing under a contingent value instrument.

Coalition, a provider of cyber insurance and security, offered a $0 retention as part of its policy for insureds that use Coalition's in-house Incident Response services. For small to midsize businesses facing a cyber claim, this policy enhancement provides immediate access to Coalition's dedicated Incident Response team, with no out-of-pocket retention expense for security and forensics services.

Marsh & McLennan Agency LLC acquired Heritage Insurance Service, Inc., independent agency in Louisville, Kentucky. Terms of the acquisition were not disclosed.

Marsh & McLennan Agency LLC acquired INSPRO, a full-service independent agency in Nebraska. Terms of the acquisition were not disclosed. For more than 80 years, Lincoln, Nebraska-based INSPRO has been providing business insurance, employee benefits, and personal lines of insurance services to individuals, families, and small and midsize businesses throughout the region. INSPRO's 138 colleagues will join MMA and continue to work out of the Lincoln home office and additional locations in Fremont, Omaha, Wahoo, and West Point, Nebraska and West Des Moines, Iowa.

Tennessee Department of Commerce and Insurance announced that workers' compensation insurance premiums are likely to decline for most Tennessee businesses in 2021 for the eighth consecutive year. Since Tennessee's workers' compensation system reforms began in 2014, loss cost reductions of more than 56% have been approved, representing substantial savings for Tennessee employers. The reduced loss costs are also impacted by Tennessee employers seeing fewer significant workplace injuries.

Hub International Limited, a global insurance brokerage, acquired Seymour Alper Inc. Terms of the transaction were not disclosed. Seymour Alper is an insurance and risk management firm providing innovative solutions and expertise in various industries, specializing in apparel/textiles, retail, real estate and manufacturing, which complements and strengthens Hub's existing Specialty practices capabilities.

Core Specialty Insurance Holdings, Inc. announced that it has completed the recapitalization of StarStone U.S. Holdings, Inc. The recapitalization was led by SkyKnight Capital, L.P. Dragoneer Investment Group and Aquiline Capital Partners LLC. Enstar Group Limited has received a combination of cash consideration and shares in Core Specialty as part of the recapitalization. The $610 million in new equity capital provided by the investors, together with the rollover of Enstar's existing ownership, and an additional equity purchase of more than $60 million from management and selected other investors, will increase the equity capitalization of the company to more than $900 million.

Brightway Insurance announced more consumers in Florida, Kentucky and Louisiana now have access to more choice and expert counsel when shopping for insurance following the opening of five new Brightway locations in November.

Selective Insurance Group, Inc. announced that its Board of Directors authorized a new share repurchase program under which it may repurchase up to $100 million of its outstanding shares. The timing and amount of any share repurchases under the authorization will be determined by management at its discretion and based on market conditions and other considerations.

BMS Group, the independent specialist reinsurance broker announced that its Spanish subsidiary, BMS Mediación Iberia Correduría de Seguros y Reaseguros, S.L.U., acquired Montymarq Asociados Consultoresy Corredores de Seguros, S.L., the Spanish specialist insurance broker. The consideration for the transaction was not disclosed.

National Association of Insurance Commissioners recognized three state regulators who have made significant contributions to state-based insurance regulation during the Opening Session of its 2020 Fall National Meeting. This year's Dineen Award recipients are Gordon I. Ito, chief deputy insurance commissioner of the Hawaii Insurance Division; Paul Lombardo, director of the Life & Health Division of the Connecticut Department of Insurance; and Douglas "Doug" C. Stolte, deputy commissioner, Financial Regulation Division, Virginia State Corporation Commission Bureau of Insurance.

CRC Group announced that it has reached a definitive agreement to acquire the assets of Continental Underwriters, provider of primary marine, excess marine liabilities, ocean cargo, and inland marine insurance.

The U.S. House of Representatives voted to pass a version of the National Defense Authorization Act (NDAA) that includes an exemption for insurance agents and brokers from new federal reporting requirements regarding small-business beneficial ownership information, according to the Independent Insurance Agents & Brokers of America (the Big "I"). The NDAA's provision would require nearly every small business with fewer than 20 employees to file new reports on its beneficial ownership with the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN).

Related: Around the P&C insurance industry: December 2, 2020