Run-off specialist Fleming Re has acquired AggCap Insurance, a group captive in run-off providing workers’ compensation insurance for a large membership of California-based agribusiness.
The acquisition provides members of AggCap II with full legal finality, elimination of operating expenses, and a release of capital.
AggCap Insurance is a Bermuda domiciled segregated accounts company that provides workers’ compensation insurance, loss control services, and active claims management to farms, vineyards, and orchards throughout California.
Eric Haller, CEO of Fleming Re, said: “With this acquisition, Fleming Re has this year alone provided a wide range of runoff solutions to the market, including reinsurance, novations, and acquisitions. We will continue to build an efficient run-off platform with a focus on quality underwriting of legacy risks. We are seeing growing demand from the marketplace and will complete several more transactions over the coming months.”
An executive committee member and director of AggCap II, added: “Fleming Re was able to provide the members of AggCap II a fairly priced solution that provided full finality and released excess capital. Their expertise helped facilitate a smooth process.”
