Clarendon Insurance Group has signed a definitive agreement to purchase Redland Insurance Co. from Acceptance Insurance Companies Inc., inking a deal that was announced in late January.
The purchase will be made with cash and Acceptance will retain all Redland assets associated with Acceptance’s crop insurance operations. Acceptance retains an option to repurchase Redland under certain circumstances and will be appointed the exclusive representative of Redland for the business Acceptance currently writes through Redland.
Clarendon Insurance Group, a subsidiary of Hannover Reinsurance, specializes in program business and uses MGAs to distribute its programs. Acceptance Ins. Cos. is an insurance holding company providing specialized crop, property and casualty products thoughout the United States.
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