SOBC Sandell, a company that specialises in the acquisition and management of distressed re/insurance entities, has received regulatory approval from the Vermont Department of Financial Regulation to form a captive manager in the state.
SOBC Services Company Limited (SOBC SCL) will specifically be targeting Vermont captive insurance companies that are in run-off.
It most recently acquired Vermont-based American Safety Captive Insurance Company.
“We are delighted to have worked with the Vermont DFR to gain regulatory approval as a captive manager,” said Stephanie Mocatta, CEO of SOBC Sandel. “As a specialist acquirer of insurance companies and captives in run-off, we have frequently found that the ability to manage our acquired entities in-house, utilizing the specialist skills and experience of our back office staff in West Chester Ohio, to be extremely efficient. This enables us to provide both more cost effective and also better services specifically focused on a successful run-off.”
Rick Ecklord of Sandell Re said: “We are particularly pleased with this expansion of SOBC Sandell into Vermont. We believe this will be a significant market for us in terms of both potential acquisitions of captives in run-off as well as outsourced specialist run-off management of captives. We look forward to expanding our presence in Vermont.”
Mocatta, along with SOBC Group director and general counsel Tom Hodson, previously wrote a piece on "Five reasons captive insurance companies fail" on Captive International.
SOBC Sandell, Vermont, Captive manager, Captive insurance, North America