Market Overview

PartnerRe to Buy Presidio Specialty Accident & Health Underwriting Platform for $72M

Share:
Related PRE
Chuck Royce Bets On Saia, Continues To Like Buckle In New 13F Filing
Benzinga's M&A Chatter for Monday Aug 3, 2015

PartnerRe Ltd. (NYSE: PRE) today announced a definitive agreement to acquire California-based Presidio Reinsurance Group, a leading U.S. specialty accident and health reinsurance and insurance writer.

PartnerRe will purchase the Presidio Reinsurance Group, comprised principally of a Managing General Agency (MGA) and a reinsurance carrier. Under the terms of the agreement, PartnerRe will pay $72 million as consideration for the MGA, plus tangible book value as consideration for the Presidio reinsurance carrier, with such book value to be determined at the time of the closing. Additional consideration may be paid if the acquired business exceeds certain profitability targets over time.

The Presidio Reinsurance Group currently underwrites approximately $250 million of accident and health premiums. The Presidio Reinsurance Group was formed in 1994 and is a leading writer of HMO reinsurance and provider of stop-loss insurance in the US. Additionally, it writes medical treaty reinsurance, employer stop-loss insurance, and accident insurance and reinsurance. The current management team of the Presidio Reinsurance Group will be retained, including its founder and CEO, Dennis Heinzig.

Posted-In: News M&A

 

Related Articles (PRE)

View Comments and Join the Discussion!

Get Benzinga's Newsletters