PartnerRe Ltd. 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.
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