Ireland-based Global Indemnity’s US subsidiary has completed the acquisition of American Reliable Insurance Company from Assurant, in a transaction valued at $394m.
As part of the deal, Global’s US affiliate paid around $114m in cash to Assurant and assumed about $280m in customary insurance related liabilities, obligations, and mandates.
The companies have entered into the deal in October 2014.
Global Indemnity chief executive Cindy Valko said: The combined company brings great value to its employees and wholesale and MGA partners, with its complementary products, infrastructure, and underwriting expertise.
"This is an exciting milestone for Global Indemnity as we continue our commitment to profitable growth."
American Reliable provides specialty personal lines and agricultural property and casualty insurance services.
With facilities in Scottsdale, Arizona, Omaha and Nebraska, the company offers services through a network of general and independent agents.
Global Indemnity, through its direct and indirect wholly-owned subsidiary insurance and reinsurance companies, offers both admitted and non-admitted specialty property and casualty insurance services in the US, as well as reinsurance across the globe.
The company has two primary segments, which include US-based insurance operations and Bermuda-based reinsurance operations.
Image: Global Indemnity has acquired American Reliable Insurance Company. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.