For Immediate Release
Employers Holdings unit to acquire PartnerRe Insurance Co. of New York
August 16th, 2017 – Employers Holdings Inc. subsidiary
Employers Group Inc. agreed to acquire all of the outstanding
capital shares of PartnerRe Insurance Co. of New York.
The purchase price is equal to the sum of the amount of
statutory capital and surplus of PartnerRe Insurance Co. of New
York at closing plus $5.8 million. Employers Group expects to
fund the acquisition with cash on hand.
Under the purchase agreement, Partner Reinsurance Co. of the
U.S. will assume all of PartnerRe Insurance Co. of New York’s
liabilities and obligations existing as of the closing date. Partner
Reinsurance Co. of the U.S.’s parent company, PartnerRe Ltd.,
gave Employers Group a guaranty that Partner Reinsurance Co.
of the U.S. will promptly and fully pay all of its obligations,
liabilities and indemnities under the agreement.
Employers Group will not be acquiring any employees or
ongoing business operations under the transaction.
The acquisition is expected to close once certain conditions are
satisfied, including New York State Department of Financial
Services’ approval. If the transaction closes, PartnerRe
Insurance Co. of New York will become a wholly owned
subsidiary of Employers Group.
Merger & Acquisition Services Inc. served as the advisor to Partner Reinsurance Company of the U.S.
About Merger & Acquisition Services, Inc.
Merger & Acquisition Services, Inc. is a specialist advisory and financial services Firm to the insurance and reinsurance industry, with offices in New York, Connecticut, Georgia & Cayman Islands. Founded in 1999, the Firm and its affiliates provides investment banking and insurance consulting services globally, including; merger & acquisition advisory capital raising, valuations, program placement/fronting, and reinsurance advisory. Merger & Acquisition Capital Services, LLC., a registered broker-dealer and member FINRA / SIPC, is an affiliate of Merger & Acquisition Services, Inc.
To learn more about Merger & Acquisition Services, visit http://www.maservices.com.