SOBC Sandell has completed the acquisition of the protected cell captive company, American Staffing Assurance Company (ASAC PCC), and its incorporated cell captive, American Staffing Assurance Company of Washington (ASCWIC).
The company received regulatory approval for change of control in Washington DC on 15 December.
ASAC PCC and ASCWIC mark the sixth and seventh acquisitions made by SOBC Sandell group.
As part of the deal, SOBC Sandell worked closely with the District of Columbia Department of Insurance, Securities and Banking.
Stephanie Mocatta, CEO of SOBC, said: “This acquisition provides finality for members of the protected cell captive insurance company, and its incorporated cell captive that had entered into run-off, and was structured very similarly to our acquisition of PIARRG, a former risk retention group domiciled in Montana.”
“The majority of the business will be handled by our excellent team in Ohio, who have the skills and experience to manage the run-off professionally.”
