American Overseas Group has acquired Orpheus, a specialty writer of non-standard auto business in the US.
In addition, Orpheus provides specialty risk transfer, reinsurance and management services through its operating subsidiaries in the US, Bermuda and Barbados.
“The acquisition completes the transformation of the company into a property & casualty insurance holding company,” said American Overseas Group.
It is currently anticipated that the financial guaranty business of American Overseas Reinsurance Company Limited will continue to run-off over an extended period of time. The company will continue to work on establishing AORE as a specialty writer of property & casualty reinsurance.
Prior to the acquisition, Orpheus owned approximately 48 percent of American Overseas Group’s outstanding common shares. As a result of the acquisition, the outstanding shares of the Company are now widely distributed.