Global insurance and reinsurance company The Alea Group has gone ahead with a definitive agreement with Great American Insurance Company to purchase New York domiciled insurer Seven Hills Insurance Company.
Completion of the transaction is predicated upon receipt of insurance regulatory approvals and finalization of some closing conditions expected in June.
With the acquisition, Alea grows its U.S. operations to feature direct property/casualty business underwritten by Alea Alternative Risk in Rocky Hill, Conn., a Group franchise which focuses on risk transfer and funding mechanisms which include captives, deductibles, self insured retentions, pools, risk retention groups and trusts.
The acquisition is the most recent in a series of strategic moves from the Alea Group designed to grow its risk solutions capabilities around the world.
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