Bermuda-based Hamilton Insurance Group is focusing on insurance opportunities in the US with the acquisition of two insurance companies from a subsidiary of TIG Insurance Company.
Through Hamilton US Holdings, the holding company for Hamilton Insurance Group’s US platform, Valiant Insurance Company, a US-based admitted insurance company, and Valiant Specialty Insurance Company, a US-based surplus lines insurer, have been acquired.
The company said the deal will provide it with a “clean slate” to write US insurance business.
Valiant Insurance Company will be renamed Hamilton Insurance Company and Valiant Specialty Insurance Company will be renamed Hamilton Specialty Insurance Company. TIG Insurance will reinsure all legacy business.
Brian Duperreault, chief executive officer (CEO) of Hamilton Insurance Group, said: “With the completion of these two acquisitions, we will begin to explore in earnest the potential that data analytics represents for the insurance industry. Under Conan Ward’s leadership, we’re entering an exciting chapter in the group’s growth and development.”
Conan Ward, Hamilton USA CEO, added: “We’re starting with a clean slate with these two carriers. This enables us to move quickly to execute on a truly innovative business model. Working with our technology partner, Two Sigma, we believe we can create significant value for our customers and producers.”