Specialty insurance business ANV Holdings has signed a definitive agreement with Tower Group International to sell its marine and energy business.
As part of the agreement, the unearned premium reserves on ANV’s marine and energy business will be transferred to Tower Group and was previously written from its New York office.
In addition, Tom Guarnera and Jeff Kaufmann, senior executives at ANV Holdings office in the US, will join Tower Group.
Tower will serve existing ANV Global Services’s marine and energy customers until the completion of the run-off of the subject business.
The acquired marine and energy business will include ocean marine, including hull, cargo and liability, offshore energy, including property and liability coverage focused on upstream energy and inland marine.
ANV founder and CEO Matthew Fairfield said that this divestiture will enable ANV to pursue new investments in growing lines of business.
"Our team is well positioned to develop new approaches to risk and insurance solutions that deliver strong profitability and address key needs for growing global markets," Fairfield added.