The Navigators Group Inc., a global specialty insurance holding company based in Stamford, has entered into an agreement to purchase all of the shares of Assurances Continentales – Continentale Verzekeringen NV and Bracht, Deckers & Mackelbert NV.
As aggregate consideration for the acquisition of ASCO and BDM, both of which are based in Antwerp, Belgium, Navigators will pay $41.3 million in cash at the closing of the transaction.
ASCO is a specialty insurance company offering marine and property and casualty insurance. BDM is an insurance underwriting agency that underwrites risk coverage in niche markets on behalf of ASCO and a number of major international insurers.
As part of the transaction, Navigators will also acquire all the shares of Canal Re SA, a Luxembourg reinsurance company that is a wholly owned subsidiary of ASCO.
Navigators said that the acquisition will reinforce its presence in the European Union’s single market, enable it to best serve its European clients after Brexit and provide opportunities for BDM and ASCO to broaden their European clientele.
Subject to customary closing conditions and regulatory approval, the deal is anticipated to close in the first half of 2018.