Catlin Group, a Bermuda headquartered property/casualty insurer and reinsurer, has acquired Blue Ridge Insurance Company (BRIC) from QBE Insurance Group (QBE).
BRIC is a Wisconsin-domiciled admitted insurer and a wholly owned subsidiary of General Casualty Company of Wisconsin (GCW).
BRIC was purchased by Catlin, a US subsidiary of CGL, as a shell business.
Under terms of the purchase agreement, all business previously written by BRIC will be retained by QBE and all existing liabilities have been reinsured by GCW.
Catlin US president and CEO Richard Banas said that the addition of a second admitted insurer to the US operations will improve Catlin’s ability to meet the needs of growing customer base.
"Catlin’s US-based insurance companies have quadrupled in size over the last four years and this purchase will help facilitate future growth in this key part of our business," Banas said.
Catlin will rename BRIC as ‘Catlin Indemnity Company’ and expects to commence writing business with the new name in the second quarter of 2011.