A group of private investors, led by the Qasha family, recently announced the acquisition of Cayman-based United Insurance Company from existing shareholders. Further details of the deal were not disclosed.
As of end 2015, all of United’s entities are consolidated and hold an AM Best rating of A- (stable), with shareholder’s surplus of $52 million.
United has built its portfolio of products in casualty, property, marine, and segregated cell companies in various jurisdictions over the last four decades. It has a flagship subsidiary, Nexus Re, which is a large dedicated risk pooling vehicle using an actual reinsurance company structure.
Michael Lusk, a former board member who will be a senior managing director, said, “This is an exciting time for United. It has ably served clients and shareholders for over four decades and now, with the new management, is poised to go to the next level.”
Under the helm of its new leaders, United plans to sustain growth in the current products in its portfolio, and expand Nexus Re. Further, it plans to foray into specialty insurance programs in Europe and the US.
Jamie Sahara, United chairman of the board, noted, “United has built a great company, providing insurance and reinsurance across multiple product lines with excellent financial stability. Our goal is to continue to build the asset base and expand the ability of United to capitalize on niche insurance opportunities, including Segregated Cells, Nexus Re and fronting for Programs.”
