Alea North America Insurance Company agreed to sell its Delaware excess and surplus lines carrier to Praetorian Financial Group Inc. for at least $30 million, Alea Group Holdings (Bermuda) Ltd. announced Friday.
Under terms of the deal, total consideration will be between $30- and $36 million, Alea said.
Praetorian will purchase all of Alea's shares in the E&S company--Alea North America Specialty Insurance Company (ANASIC)--in exchange for a cash payment of $4 million plus the policyholders' surplus of ANASIC as of the closing date.
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