PartnerRe Ltd. has announced it has reached a definitive agreement to acquire California-based Presidio Reinsurance Group.
The Presidio Reinsurance Group is a leading specialty accident and health reinsurance and insurance writer which currently underwrites approximately $250m of accident and health premium.
The firm was founded 18 years ago and is a leading writer of HMO reinsurance and provider of stop-loss insurance in the US.
PartnerRe is to purchase the Presidio Reinsurance Group, comprised principally of a Managing General Agency (MGA) and a reinsurance carrier.
PartnerRe will pay around $72m as a consideration for the MGA and tangible book value as consideration for the reinsurance carrier (with the book value to be determined at the time of closing).
PartnerRe President and CEO Costas Miranthis said that he was very pleased to announce the addition of Presidio to PartnerRe.
Category: Insurance News