Virgo Investment Group backed program carrier, Transverse Insurance Group, has completed its acquisition of Arrowood Surplus Lines Insurance Company (ASLIC) from Arrowood Indemnity Company (Arrowood), which is a subsidiary of Arrowpoint Capital.
ASLIC is domiciled in Delaware and operates as an excess & surplus insurer, authorised to write business in most U.S. states.
The transaction is Transverse Insurance’s second carrier acquisition and follows its takeover of Financial American Property and Casualty Insurance Company.
It’s also been revealed that prior to the completion of the deal, all prior year insurance business and liabilities of ASLIC were reinsured to Arrowood via a 100% quota share reinsurance agreement. Under the arrangement, Arrowood is set to continue to manage the ASLIC claims.
Commenting on the acquisition, Erik Matson, Chief Executive Officer (CEO) of Transverse Insurance, 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.”