Gryphon, a reinsurance providers firm, stated Thursday it has agreed to amass privately owned specialty insurer PrimeOne. Phrases of the deal
Gryphon, a reinsurance providers firm, stated Thursday it has agreed to amass privately owned specialty insurer PrimeOne.
Phrases of the deal weren’t disclosed.
Scottsdale, Arizona-based PrimeOne gives normal legal responsibility, business property and liquor legal responsibility protection by program managers and managing normal brokers.
Final 12 months, A.M. Finest downgraded PrimeOne to B- from B+, citing its weakening stability sheet and deteriorating reserves.
“Partnering with Gryphon supplies PrimeOne with long-term strategic capital and a broader platform to broaden our underwriting capabilities,” David Thorson, president of PrimeOne, stated in an announcement.
Gryphon, which is financed by Phoenix Service provider Companions, will combine the insurer into its operations, which embody insurance coverage and reinsurance, asset administration and providers for MGAs and third-party directors, the assertion stated.
Last month, Gryphon and its associates introduced they had been taking full management of fronting insurer Live performance Group.
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