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
Topics USA
Was this article valuable?
Here are more articles you may enjoy.
Isaias: 47,000 Claims and $582M in Losses in Florida So Far, OIR Reports 
KCC Says Isaias Insured Losses to Be $3 Billion; AM Best Calls Storm an Earnings Event 
Alabama Pharmacy, Not Agent, at Fault for Not Reading Policy Before $5M Judgment 
Fisherman Killed by 12-Foot Alligator at Central Florida Lake 
