SOBC Sandell acquires Montana captive following joint venture
SOBC Sandell, a company that specialises in the acquisition and management of distressed re/insurance entities, has completed its acquisition of PIA Captive, a Montana Company.
Prior to the acquisition, PIA Captive served as a risk retention group in Montana, called PIA RRG.
This acquisition follows the formation of SOBC Corp, a joint venture between SOBC Corp and Sandell Re.
Stephanie Mocatta, CEO of SOBC Sandell, said: “We are delighted to have made this first acquisition, and particularly pleased to have worked closely with the Montana CSI to find a unique solution for the members of the Risk Retention Group who wished to exit the business.
“We would like to thank the seller, the CSI and our local council, Jackie Lenmark of Keller Law for all the time, thought and effort that went into structuring this deal.”
SOBC was first introduced to PIA by The Bazil Group and Maven Management, a reinsurance law firm and consultancy, respectively
Steven Bazil, principal of The Bazil Group, added: “We strive to find the best fit for clients interested in shedding legacy portfolios and the acquisition markets with which we are working. Projects have ranged in size from a few million dollars to hundreds of millions of dollars.
“We have a number of opportunities we intend to bring to market in 2017and look forward to working with our clients and markets on these transactions.”
Frank Pecht, president of Maven, commented: “We were thoroughly impressed with SOBC’s willingness to think outside the box and to work closely with all parties to complete this transaction prior to year-end. Maven is dedicated to finding and working closely with business partners that have the flexibility and determination to complete complex transactions regardless of deal size.”
The terms of the transaction were not disclosed.