Spencer Capital Holdings Ltd., the parent company of reinsurer Spencer Re, has agreed to acquire USA Risk Group, an independent captive insurance manager based in Barre, Vermont. Financial terms of the transaction were not disclosed.
The transaction is subject to customary closing requirements and regulatory approval, and is expected to close during the first quarter of 2015.
Founded in 1981, USA Risk Group is an independent provider of alternative risk management services with captive management operations in Arizona, Barbados, Bermuda, the British Virgin Islands, Grand Cayman, Malta, South Carolina, Tennessee and Vermont, managing companies in 20 domiciles. USA Risk currently serves over 300 clients, holding $9 billion assets under management, according to the announcement. USA Risk has 70 employees on and offshore.
Spencer Capital Holdings Ltd. said its reinsurance subsidiary Spencer Re and USA Risk are expected to be mutual beneficiaries from cross-selling opportunities. Spencer Re is a reinsurance company focused on the U.S. auto dealership industry.
After the transaction closing, H. Lincoln Miller, Jr., currently group chairman of USA Risk, will join the board of directors of Spencer Capital, and Gary Osborne, currently president of USA Risk, will join the board of directors of Spencer Re.
Was this article valuable?
Here are more articles you may enjoy.