Two more run-off deals from total return reinsurer Sandell Re & SOBC

by Artemis on December 21, 2017

Total-return reinsurance firm Sandell Re and legacy specialist SOBC Corp. have completed two more run-off transactions under their legacy or distressed run-off and commutation joint-venture SOBC Sandell, acquiring two more captive entities.

SOBC Sandell has acquired 100% of the outstanding shares of ASAC Inc., PCC, a protected cell company, and American Staffing Assurance Company of Washington DC, IC, an incorporated cell of the PCC.

The two acquisitions are SOBC Sandell’s sixth and seventh, following the recent acquisitions of American Safety, a Vermont risk retention group (RRG) and PIARRG of Montana.

The SOBC Sandell joint-venture was formed by Sandell Asset Management backed investment oriented reinsurance firm Sandell Re and run-off specialist SOBC Corp in late 2016.

The joint-venture enables Sandell Re to source premium float that can be put to work through the hedge fund like investment strategies of Sandell Asset Management, while SOBC provides the expertise to manage the run-off book, as well as expertise in sourcing and structuring run-off or legacy insurance and reinsurance acquisitions.

Commenting on the latest acquisitions Stephanie Mocatta, CEO 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. We have worked closely with regulators in DC and Montana to provide a successful final solution for the member insureds of these entities. 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.”

Rick Ecklord, CEO of Sandell Re, added, “We are pleased that our partnership with SOBC Sandell is expanding successfully, the team at SOBC Sandell, working with Sandell Re, have worked hard to close these two acquisitions. We look forward to continued success.”

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