Navigators To Acquire Belgian Specialty Insurer For EUR 35 Mln Cash

(RTTNews) - Navigators Group, Inc. (NAVG), a specialty insurance holding company, announced Monday that it has entered into a share purchase agreement to buy Assurances Continentales - Continentale Verzekeringen NV or ASCO and Bracht, Deckers & Mackelbert NV or BDM. ASCO and BDM are both based in Antwerp, Belgium.

As aggregate consideration, Navigators will pay 35 million euros in cash at the closing of the transaction.

Under the deal, Navigators will acquire Canal Re SA, a Luxembourg reinsurance company that is a wholly-owned subsidiary of ASCO.

The deal is subject to the satisfaction or waiver of customary closing conditions, including among other things, the receipt of regulatory approval, and is anticipated to close in the first half of 2018.

Navigators said the proposed acquisition is part of its strategy of expanding its well-established specialty insurance expertise to more brokers and insureds across Europe.

ASCO is a specialty insurance company offering marine and property and casualty insurance. BDM is an insurance underwriting agency that underwrites risk coverage in niche markets on behalf of ASCO and a number of major international insurers.

ASCO cooperates closely with underwriting agent BDM, acting as one of BDM's risk carriers and fulfills certain operational services for the account of ASCO.