Swiss-based Alea Group, formerly known as Rhine Re, announced that it has agreed to purchase Seven Hills Insurance Company of New York from its parent, Great American Insurance Company.
Alea is controlled by Kohlberg Kravis Roberts & Co., the U.S. investment management company, mainly known for its high profile buyouts. The group was established in 1997 “to pursue targeted growth and acquisition opportunities in the insurance and reinsurance sector.”
No financial details concerning then purchase of Seven Hills were announced, but Alea CEO Dennis Purkiss indicated that the acquisition was “an exciting development which significantly increases our ability to respond to the risk management needs of our clients in the United States.”
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