Till Capital announced the execution of the definitive agreement and share purchase agreement to acquire Omega Insurance Holdings, a privately held and fully licensed Toronto, Canada based insurance provider, including its subsidiaries, Omega General Insurance Company and Focus Group, as previously announced on July 28, 2014.
The signing of the agreements is the final step in the transaction with Omega prior to regulatory approval.
The acquisition of Omega increases the Company’s insurance and reinsurance capacity and its assets under management. The combination of Omega’s insurance expertise and the Company’s investment and technical teams is a solid foundation for growth.
The Company will pay an aggregate purchase price of 1.2 times book value, or approximately $15,400,000 as of June 30, 2014, plus an amount not to exceed $3,000,000 for any transactions in process at closing, in exchange for all of the issued and outstanding shares of Omega.
Pursuant to the terms of the agreement with Omega, the Company will acquire all of the issued and outstanding shares of Omega.
Completion of the Transaction is subject to approval of Canada’s Office of the Superintendent of Financial Institutions, receipt of approval of the TSX Venture Exchange, and receipt of certain other customary consents.
With over $40 million in assets and operating since 2004, Omega offers secure, innovative and customized solutions for Insurers and Reinsurers entering and exiting the Canadian insurance market. Omega offers cost-effective, unique insurance solutions managed by a team of dedicated, seasoned professionals.