Aon Corporation announced that Combined Specialty Group, Inc. (CSG) has acquired Sheffield Insurance Corporation from Vesta Insurance Group. Aon Capital Markets acted as advisor to CSG in connection with the transaction.
Sheffield, a non-admitted insurer, will be renamed Combined Excess & Surplus Lines Insurance Company (CESLIC). Separately, A.M. Best has announced that the financial strength rating of CESLIC will be upgraded to A (Excellent) from B+ (Very Good).
Dennis Reding, Chairman and CEO of CSG noted, “This acquisition is an important part of our strategy to expand our property and casualty insurance business in profitable specialty segments of the commercial property and casualty market. I anticipate that we will begin underwriting through CESLIC immediately.”
Aon has announced plans to spin off its underwriting operations to stockholders through a new company, the Combined Specialty Group, Inc.