The Bermuda-based Catlin Group Limited has purchased Blue Ridge Insurance Co. (BRIC) from the QBE Insurance Group.
Catlin will rename BRIC as Catlin Indemnity Co. and expects to begin writing business through this company in the second quarter of 2011.
BRIC is a Wisconsin-domiciled admitted insurer and a wholly owned subsidiary of General Casualty Co. of Wisconsin. Catlin Inc., a U.S. subsidiary of CGL, was the actual acquiring entity of BRIC as “a shell” business. Under terms of the purchase agreement, all business previously written by BRIC will be retained by QBE and all existing liabilities have been reinsured by GCW.
Richard S. Banas, president and CEO of Catlin US, said Catlin’s U.S.-based insurance companies “have quadrupled in size over the last four years” and this purchase will help facilitate future growth in this part of the company’s business.
The sale has been approved by the insurance commissioner of Wisconsin.
Source: Catlin Group
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