Bristol West Insurance Group, a unit of Kohlberg Kravis Roberts & Co., plans to purchase two units of troubled insurer Reliance Group Holdings to beef up its non-standard auto insurance offerings. Bristol subsidiary Coast National Insurance Co. will acquire Cleveland-based Reliant Insurance and Reliant Casualty Insurance. Terms of the deal were not disclosed. Closure is expected by the end of March.
The Reliant renewal rights being purchased under the agreement represent more than $150 million in annual gross written premiums, the companies said. Jeffrey Dailey, Reliant president and chief executive, along with other management, will join Bristol West as chief operating officer following the close of the deal.
Was this article valuable?
Here are more articles you may enjoy.