Bermuda-based insurance holding company American Overseas Group (AOG) has acquired Orpheus, which is a specialty writer of non-standard auto (NSA) business in the US.
Through its operating subsidiaries in the US, Bermuda and Barbados, Orpheus also offers specialty risk transfer, reinsurance and management services.
The acquisition completes the transformation of AOG into a property and casualty insurance holding company.
The Financial Guaranty business of American Overseas Reinsurance Company Limited (AORE) is currently expected to continue to run-off over an extended period of time. AOG will continue to work on establishing AORE as a specialty writer of property & casualty reinsurance.
According to American Overseas, the firm’s outstanding common shares have been increased, following the transaction.
Orpheus was the former principal shareholder of American Overseas. The acquisition has widely distributed AOG’s outstanding shares, where no single shareholder currently owns more than 10% of the shares.
Orpheus owned 48% outstanding common shares in AOG, prior to the transaction.