Hamilton USA, the New Jersey-based insurance operations of Hamilton Insurance Group, announced that Hamilton U.S. Holdings, the holding company for the group’s US platform, has completed the acquisition of Valiant Insurance Company, a US-based admitted insurance company, and Valiant Specialty Insurance Company, a US-based surplus lines insurer.
Both companies have been acquired from a subsidiary of TIG Insurance Company (TIC).
Subject to regulatory approval, Valiant Insurance Company will be renamed Hamilton Insurance Company and Valiant Specialty Insurance Company will be renamed Hamilton Specialty Insurance Company.
TIC will reinsure, on a 100% quota share basis, all insurance business written by the two companies as well as assume all other liabilities and obligations arising out of the companies’ operations prior to closing, and it will service the companies’ pre-closing business and policyholder communications.
Hamilton Insurance Company now has licenses in 47 states plus the District of Columbia and will be the admitted US carrier for Hamilton USA. Hamilton Specialty Insurance Company will be the surplus lines US carrier for Hamilton USA.
Both companies will do business under the brand name of Hamilton USA.
"With the completion of these two acquisitions, we will begin to explore in earnest the potential that data analytics represents for the insurance industry," said Hamilton Insurance Group CEO Brian Duperreault. "Under Conan Ward’s leadership, we’re entering an exciting chapter in the group’s growth and development."
"We’re starting with a clean slate with these two carriers," said Hamilton USA CEO Conan Ward. "This enables us to move quickly to execute on a truly innovative business model.
"Working with our technology partner, Two Sigma, we believe we can create significant value for our customers and producers."