Global Indemnity Purchases American Reliable
Global Indemnity plc’s U.S. affiliate today [Jan 5] announced that it has completed its previously announced agreement to purchase American Reliable Insurance Company from Assurant, Inc. having satisfied all closing conditions.
In a transaction with an enterprise value of approximately $394,000,000, Global Indemnity’s U.S. division paid approximately $114 million in cash to Assurant at closing and assumed approximately $280,000,000 in customary insurance related liabilities, obligations, and mandates.
American Reliable, with facilities in Scottsdale, Arizona, and Omaha, Nebraska, writes specialty personal lines and agricultural property and casualty insurance, in each case distributed through a network of general and independent agents.
Cindy Valko, Global Indemnity’s Chief Executive remarked, “We are pleased to welcome American Reliable to the Global Indemnity family. The combined company brings great value to its employees and wholesale and MGA partners, with its complementary products, infrastructure, and underwriting expertise.”
Ms. Valko added, “This is an exciting milestone for Global Indemnity as we continue our commitment to profitable growth.”
