Insurance services provider Assurant Specialty Property has signed an agreement with US subsidiary of Global Indemnity Group to sell its American Reliable Insurance, for around $114m in cash.
Established in 1952, American Reliable Insurance provides specialty personal lines and agricultural insurance services.
Assurant Specialty Property president and CEO Gene Mergelmeyer said the company is focused on accelerating within the mortgage and multifamily housing industries.
"The sale of American Reliable Insurance Company allows us to better align our portfolio of businesses, increase resources allocated toward these markets and strengthen our core business," Mergelmeyer added.
Through the facilities in Scottsdale, Arizona, Omaha and Nebraska, American Reliable provides services through a network of general and independent agents.
The Arizona-based firm has reported around $250m of GAAP net earned premiums in 2013.
Global Indemnity chief executive Cindy Valko said: "Strategically, American Reliable enhances Global’s position in the U.S. as a specialty personal, agricultural (equine, farm & ranch), and commercial property and casualty insurance provider."
Assurant Specialty Property offers insurance tracking and management and lender-placed homeowners insurance, property preservation services, and property and personal coverage such as renters and flood insurance.