SOBC Corp has completed the purchase of Insuratex, a Bermuda Class 3 captive in run-off.
This is the run-off acquisition and service specialist’s first move into Bermuda and is in line with its stated intention to buy and service small or difficult legacy companies.
SOBC is able to acquire or manage marginally solvent insurance entities, books and lines of business and provide services for distressed entities that could be moving into run-off.
SOBC’s management team noted that it looks forward to working in Bermuda, recognising the position the domicile holds in the captive insurance industry, regulatory regime it follows and specialist needs of its legacy sector.
Stephanie Mocatta, CEO of SOBC Corp, said: “We are really pleased to start 2016 with the acquisition of Insuratex. This acquisition helps to establish our base in Bermuda and allow us to look for other opportunities on the island. We will be managing the run-off of Insuratex in a professional and pro-active manner.”
JLT Towner Insurance Management’s Thomas Hodson recently joined the SOBC team as general counsel.
