SOBC Sandell, a specialist in the acquisitions, run-off and management, has secured regulatory approval to acquire ASAC PCC and American Staffing Assurance Company of Washington DC.
The deals represent SOBC Sandell group’s sixth and seventh acquisitions. It follows its recent acquisition of American Safety, a Vermont RRG; and PIA Captive, a risk retention group in Montana.
SOBC Sandell worked closely with the District of Columbia Department of Insurance, Securities and Banking on this latest transaction.
Stephanie Mocatta, CEO of SOBC Sandell, 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, director of Sandell Re, said: “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.”
SOBC Sandell, M&A, Captive insurance, ASAC PCC and American Staffing Assurance Company of Washington, US