A partnership, led by Canadian investment company The Westaim Corporation, has completed its acquisition of 70.8 percent of specialty insurer Houston International Insurance Group (HIIG) for $138.7 million.
Westaim provided funds of $75.7 million, Everest Re of $24.3 million and Catlin Group of $22.9 million. Stephen Way, chairman and chief executive officer (CEO) of HIIG, also provided $10 million of funding along with $8.2 million of funding from other investors, including shareholders of HIIG.
"We are extremely pleased to have completed this important acquisition," said Cameron MacDonald, Westaim's president and CEO. "We believe that the specialty insurance market offers compelling global opportunities and this investment is consistent with our stated objective of growing book value per share at above average rates over the long-term. We look forward to working with HIIG’s senior management to deliver superior results to our shareholders.”
Way added: "HIIG and its management team are very pleased to have entered into this partnership with Westaim and industry leaders Everest Re and Catlin Group. We are excited about the future opportunities with the solid financial support of Westaim.”
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Catlin, Westaim Corporation, Everest Re, HIIG, North America