The Navigators Group have entered into a share purchase agreement for the acquisition of specialty insurers Assurances Continentales - Continentale Verzekeringen (ASCO) and Bracht, Deckers & Mackelbert (BDM).
The proposed acquisition of the Antwerp-based companies is part of Navigators' strategy of expanding its specialty insurance expertise to more brokers and insureds across Europe.
Navigators will have to pay €35 million at the closing of the transaction, which will also see them acquire all the shares of Canal Re, a Luxembourg reinsurance company which is a wholly-owned subsidiary of ASCO.
Stanley Galanski, president and CEO of Navigators, said: “We are delighted to announce the proposed acquisition of ASCO and BDM. Europe is an important market to us today and vital to our international growth strategy, this transaction is an important step to enhancing our presence in and relevance to this dynamic market.”
Jos Gielen, CEO of ASCO and BDM, added: “We are excited and look forward to becoming part of Navigators. As specialty underwriters, we share a common culture and a common vision for the future. Our combined operations will be well positioned for growth by enhancing our product and service capabilities in our chosen specialties."