Specialty insurer Praetorian Financial Group said it has agreed to acquire Alea North America Specialty Insurance Company (ANASIC), an affiliate of Alea Group Holdings (Bermuda) Ltd of Hamilton, Bermuda.
ANASIC is a Delaware-domiciled stock insurance company with surplus lines authority in 38 states. Policyholders’ surplus was $31.3 million as of December 31, 2005.
The sale is subject to regulatory approval and other customary conditions. Alea Group Holdings affiliate, Alea Bermuda Ltd., will assume 100 percent of all business written by ANASIC prior to the closing, and will continue to administer the run-off of in-force business, according to officials.
“Our acquisition of ANASIC represents a significant step in the strategic development of Praetorian Financial Group,” said Rod Fox, CEO. “The acquisition of a widely authorized surplus lines company will provide Praetorian and its business partners additional operating flexibility and complements our two broadly licensed admitted carriers.”
Following regulatory approval, ANASIC will be renamed Praetorian Specialty Insurance Company.
Praetorian Financial Group is a property and casualty insurance group focused on distinct niches within the specialty insurance market. Praetorian’s insurance subsidiaries, Insurance Corporation of Hannover and Redland Insurance Company, are authorized to write business in all 50 states and are rated “A” (Strong) by Standard & Poors and “A-” (Excellent) by A.M. Best. Praetorian is a subsidiary of reinsurer Hannover Re
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