Transverse Insurance Group acquires Arrowood Surplus Lines Insurance Company
Transverse Insurance Group, a program carrier backed by Virgo Investment Group, has completed its acquisition of Arrowood Surplus Lines Insurance Company (ASLIC) from Arrowood Indemnity Company (Arrowood), a subsidiary of Arrowpoint Capital.
ASLIC is a Delaware-domiciled excess & surplus (E&S) company with certificates of authority to write business in most states in the US.
ASLIC is the second carrier acquisition for Transverse Insurance Group after its purchase last year of Financial American Property and Casualty Insurance Company (FAMPAC), now writing admitted insurance business as Transverse Insurance Company.
“The addition of ASLIC to Transverse means we now have the ability to write business for both admitted and non-admitted programs,” said Erik Matson, CEO of Transverse. “We have put in the hard work to build the ideal solution for sophisticated, innovative MGAs and Program Administrators - as well as a conservative and supportive partner for the global reinsurance market. We will continue to expand the capabilities of Transverse so that we can meet the needs of any program, in any line of business, in any geography.”
Prior to the sale, all prior insurance business and liabilities of ASLIC were reinsured to Arrowood by a 100 percent quota share reinsurance agreement. Arrowood will continue to manage the ASLIC claims.
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