Selective Insurance Group acquires Montpelier U.S. Insurance Company (MUSIC)

Selective Insurance Group acquired Montpelier U.S. Insurance Company (MUSIC) for ~$55 million, a transaction announced in December 2011.

Bought the excess-and-surplus (E&S) lines carrier from Montpelier Re U.S. Holdings to gain a nationally licensed platform to write contract binding authority business tied to its recent E&S renewal-rights transaction, adding scale and geographic diversity to its new E&S segment. Later renamed Mesa Underwriters Specialty Insurance Company.

Bought the excess-and-surplus (E&S) lines carrier from Montpelier Re U.S. Holdings to gain a nationally licensed platform to write contract binding authority business tied to its recent E&S renewal-rights transaction, adding scale and geographic diversity to its new E&S segment. Later renamed Mesa Underwriters Specialty Insurance Company.

Based on MUSIC's net asset value at June 30, 2011, the Transaction is valued at approximately $55 million, which includes tax benefit carry-forwards of approximately $3 million.

Advisory firms were not disclosed for this transaction.

You're subscribed.

Thanks for signing up.