SBT Alliance has completed the acquisition of Gibraltar-based insurer St Bernard Assure from Bermuda-based Haverford Holdings.
Terms of the deal have not been disclosed.
St Bernard, which is the European underwriting arm of Haverford, provides property and casualty insurance and reinsurance solutions.
The insurer is regulated by the Gibraltar Financial Services Commission (FSC). It also operates a branch in Switzerland that is regulated by the Swiss Financial Market Supervisory Authority (FINMA).
In Italy, St Bernard will also provide surety insurance products under its direct insurance business from the first quarter of 2016.
St Bernard current CEO William Fawcett will lead the acquired business in the role of executive chairman.
Fawcett said: "While our reinsurance portfolio continues to perform very well, we have an appetite for additional business."
SBT Alliance Marco Sturlese said: "I am delighted to have completed the acquisition of St Bernard and to further expand our activities in Gibraltar.
"We first came to Gibraltar in 2013 and have been delighted with the support we have received from our service providers."
With operations in Bermuda, Canada, England, Gibraltar, India, the Philippines, Singapore and Switzerland, Haverford provides specialty insurance and reinsurance solutions, as well as other financial services to its customers.
Image: St Bernard Assure offers property and casualty insurance and reinsurance solutions. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.