Irish headquartered Global Indemnity has completed its purchase of American Reliable Insurance Company from Assurant.
The global insurance and reinsurance provider, which redomiciled to Ireland in 2010, agreed to acquire the US insurance group for $114 million in October 2014. The deal will see Global Indeminty assume about $280 million 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 said: "The combined company brings great value to its employees and wholesale and MGA partners, with its complementary products, infrastructure, and underwriting expertise."
Global Indemnity moved its headquarters to Ireland in 2010 and later established an IT development operation in Cavan, creating 30 jobs. At the time, Ireland was cited as being “an excellent locale” because of its supportive environment and infrastructure.
Global Indemnity's US operations are composed of six insurance companies: Penn-America Group, Diamond State Group, United National Group, J.H. Ferguson & Associates/VacantExpress.com and Collectibles Insurance Services.
