Transverse Insurance Group has completed the acquisition of Arrowood Surplus Lines Insurance Company (ASL) from Arrowpoint Capital.
Authorised to write business across most US states, ASLIC is based in Delaware and operates as a domiciled excess & surplus (E&S) company.
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Transverse acquired ASL from Arrowood Indemnity Company (Arrowood).
Arrowpoint Capital stated that before the completion of the deal, all prior year insurance business and liabilities of ASLIC were reinsured to Arrowood by means of a 100% quota share reinsurance agreement.
Under the terms of the agreement, Arrowood will carry on managing the ASLIC claims.
Arrowpoint Controller Dave Davenport said: “A shell company is one with no real operations or assets, other than the minimum assets needed to maintain licenses and/or as agreed to with the buyer.”
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By GlobalDataTransverse Insurance CEO Erik Matson said: “The addition of ASLIC to Transverse means we now have the ability to write business for both admitted and non-admitted programs.
“We have put in the hard work to build the ideal solution for sophisticated, innovative MGAs and Program Administrators – as well as a conservative and supportive partner for the global reinsurance market.
“We will continue to expand the capabilities of Transverse so that we can meet the needs of any program, in any line of business, in any geography.”
