Assurant To Sell American Reliable Insurance To Global Indemnity For $114 Mln

(RTTNews) - Assurant Specialty Property, a business segment of Assurant, Inc. (AIZ), said Thursday that it has agreed to sell its general agency business and associated insurance carrier, American Reliable Insurance Co., to Global Indemnity Group, Inc., a subsidiary of Global Indemnity plc (GBLI), for about $114 million in cash.

Based in Scottsdale, Arizona, American Reliable Insurance Co. offers specialty personal lines and agricultural insurance through general and independent agents. The business recorded about $250 million of GAAP net earned premiums in 2013.

The deal is expected to close following regulatory approval and satisfaction of customary closing conditions.