Bermuda reinsurer Montpelier Re has agreed a $55mn cash sale of its US insurance carrier to Selective Insurance Group, in a move that frees it up to concentrate on property cat reinsurance.
The deal, which is expected to close in the fourth quarter of this year, signals the withdrawal of Montpelier Re from excess and surplus lines (E&S) business, the company said.
Montpelier US Insurance Company (Music) wrote $50.56mn of net written premiums in the 12 months to end-June 2011...
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