The Barbados-based Imagine Group announced that its subsidiary, Imagine Insurance Company Limited, has completed the acquisition of Danish Re (Bermuda) Ltd. and all related subsidiaries of the Danish Re Group worldwide.
The transaction was effective December 31, 2004 but has recently closed following receipt of all necessary regulatory approvals.
The bulletin described Danish Re as “a reinsurance group that focuses on three niche areas of business – Accident & Health, Property and Financial Institutions. It was established in 1999 and operates through active offices in Bermuda, London, Copenhagen and Tokyo. It also has significant reserves associated with certain discontinued operations. As part of its ongoing operations it manages and controls syndicate 1400 and the affiliated corporate capital vehicles at Lloyd’s of London.”
Imagine Group President and CEO Brad Huntington stated: “We are very pleased to complete the acquisition of the Danish Re Group. We welcome the underwriting teams at Danish Re and look forward to the opportunities presented by combining their skill sets with Imagine’s larger capital base and analytical approach to underwriting. The transaction, in addition to being attractively structured, is consistent with the expansion of capabilities within our London based run-off platform and our ongoing focus of providing capital to talented niche underwriting teams worldwide.”
Robin Gilkes, Managing Director of the Danish Re Group, commented: “We are delighted that Danish Re has found a new owner who is keen to develop our business, and who will provide continuity and security to our clients around the world.”
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