New York-based Praetorian Financial Group Inc. announced today it has completed the acquisition of Alea North America Specialty Insurance Company (ANASIC), Rocky Hill, Conn.
Alea Group Holdings in Bermuda said ANASIC was sold for $34.6 million in cash by the subsidiary Alea North American Insurance Company.
Alea said the sale involves ANASIC surplus lines authorities in 38 states. ANASIC was placed in run-off in the fourth quarter of last year.
The buyer of the excess and surplus lines carrier is Insurance Corporation of Hannover, a Praetorian subsidiary. ANASIC, with headquarters in Connecticut, is a Wilmington, Del.-domiciled company.
Following regulatory approval, Praetorian said the entity will be renamed Praetorian Specialty Insurance Company.
The nonadmitted carrier is authorized to write business in 38 states including New York, California and Texas.
"Our acquisition of this nonadmitted facility will enable Praetorian to react quickly to market conditions and provide our underwriting partners with additional flexibility," said Praetorian Chief Executive Officer Rod Fox.
Susan Rivera, Praetorian's president and chief underwriting officer, added the addition of the new facility represents a "significant increase in our capabilities and demonstrates an ongoing commitment to our underwriting partners."
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