New York-based private equity firm, Southport Lane has completed acquisition of Redwood Reinsurance SPC, a Cayman Islands-based reinsurer for an undisclosed amount.

Southport Re CEO Glenn Weber said the acquisition represents the company’s commitment to further expand its insurance and reinsurance platform.

"The acquisition of Redwood gives us access to an impressive, diverse insurance portfolio, and we will continue providing treaty reinsurance to our select carrier partners," Weber added.

The acquisition marks second insurance-related purchase by Southport Lane in the past two weeks.

The company, through its subsidiary Lonestar Holdco, has inked a definitive agreement with Dallas National Insurance to acquire 100%of Dallas National Insurance Company on 31 May 2012.

The transaction is expected to close during the third quarter of current fiscal following receipt of regulatory approval.

Licensed on 14 February 2008, Redwood Reinsurance offers treaty reinsurance for workers compensation and general liability insurance across the US.