Philadelphia-based PMA Capital Corp. announced that its subsidiary, PMA Capital Insurance Company (PMA Re), has executed a definitive agreement with Imagine Insurance Company Limited, to sell the renewal rights to its finite business.
It has also given Imagine the exclusive option to assume certain of PMA Re’s finite business currently in force.
“The amount of business transferred to Imagine will be subject to their underwriting practices and standards,” said the bulletin. “Under the terms of the agreement, Imagine will compensate PMA Re based upon the amount of in-force business either renewed or assumed by Imagine.”
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