PartnerRe acquires Presidio Reinsurance Group

PartnerRe Ltd. has announced that it has completed the acquisition of California-based Presidio Reinsurance Group.

The Presidio Reinsurance Group is a leading US specialty accident and health reinsurance and insurance writer.

All the necessary regulatory approvals for the acquisition have been granted.

The Presidio Reinsurance Group was founded in 1994 and presently writes approximately $250m of accident and health premiums.

PartnerRe announced its intention to acquire Presidio Reinsurance Group in December of last year, with a payment of approximately $72m 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).

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Category: Insurance News