SOBC Sandell, a joint venture between SOBC Corp and Sandell Re, has completed its first transaction, acquiring PIA Captive, a Montana based company.
Prior to the acquisition, completed on 15 December last year, PIA Captive was a risk retention group in Montana, PIA RRG.
Stephanie Mocatta, CEO of SOBC Sandell, said: “We are delighted to have made this first acquisition, and particularly pleased to have worked closely with the Montana Commissioner of Securities Insurance to find a unique solution for the members of the risk retention group who wished to exit the business.”
Rick Ecklord, director of Sandell Re, added: “We are pleased to have closed our first acquisition as SOBC Sandell. This shows that the combined skills of SOBC and Sandell Re can work together effectively to provide legacy solutions for difficult and challenging run-offs. We look forward to the next challenge.”
SOBC Corp and Sandell Re formed the new joint venture in November last year, with a focus on acquiring and managing legacy insurance and reinsurance liabilities currently in run-off.
In addition, SOBC Sandell will provide consultancy services to insurance and reinsurance entities, as well as regulatory bodies, for distressed blocks of business.
