PartnerRe, a provider of diversified reinsurance services, has completed acquisition of California-based Presidio Reinsurance Group.

Presidio Reinsurance Group is a specialty accident and health reinsurance and insurance writer, principally comprising of a Managing General Agency (MGA).

The acquisition follows an agreement signed between both parties, wherein PartnerRe will pay $72m as consideration for the MGA, alongside tangible book value as consideration for the Presidio reinsurance carrier.

Established in 1994, Presidio Reinsurance Group underwrites HMO reinsurance and is a provider of stop-loss insurance in the US.

Currently underwriting approximately $250m of accident and health premiums, Presidio also writes medical treaty reinsurance, employer stop-loss insurance, and accident insurance and reinsurance.