Selective Insurance Group Acquires Excess and Surplus Lines Platform
Selective Insurance Group, Inc. (NASDAQ: SIGI) today announced that it has entered into an agreement to purchase Montpelier U.S. Insurance Company, an excess and surplus lines subsidiary, from Montpelier Re U.S. Holdings Ltd., a wholly-owned subsidiary of Montpelier Re Holdings Ltd. (NYSE: MRH).
The acquisition provides the nationally licensed platform that will allow Selective to quickly begin writing contract binding authority business from its recent renewal rights transaction. The deal is expected to close before the end of the year, subject to customary closing conditions and regulatory approvals.
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