Global Indemnity to Purchase American Reliable Insurance Company
Global Indemnity’s U.S. affiliate agreed to purchase American Reliable Insurance Company from Assurant, Inc.
In a transaction with an enterprise value of approximately $394,000,000, Global Indemnity’s U.S. division will pay approximately $114,000,000 in cash to Assurant at closing (which could be increased to approximately $120 million to account for net earnings between June 30, 2014 and the closing) and assume approximately $280,000,000 in customary insurance related liabilities, obligations, and mandates. American Reliable, with facilities in Scottsdale, Ariz., and Omaha, Neb., writes specialty personal lines and agricultural property and casualty insurance, in each case distributed through a network of general and independent agents.
The transaction requires regulatory clearance and is subject to certain other customary conditions.
Source: Global Indemnity
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