U.S. RE TO BUY ASSUREX UNITPosted On: Oct. 25, 1998 12:00 AM CST
NEW YORK -- Reinsurance intermediary U.S. Re Cos. Inc. has acquired a majority interest in Assurex Marketing Group, a division of brokerage network Assurex International.
Terms were not disclosed.
Columbus, Ohio-based Assurex International is a network of 67 independent, U.S.-based brokers, with affiliates in more than 30 countries. Assurex in 1997 had combined revenues of $574 million. Assurex Marketing Group provides marketing and underwriting management services to network members.
New York-based U.S. Re provides reinsurance, consulting and other financial services worldwide. The intermediary has offices in Atlanta; Dallas; Copenhagen, Denmark; Shanghai, China; Hong Kong; and Mexico City.
The deal will help expand U.S. Re's reach internationally as well as increase the company's managing general agency business, Chairman and Chief Executive Officer Tal P. Piccione said in a statement.
Assurex's president and CEO, Tom Harvey, said in a statement that the deal will provide capital for AMG's internal development and access to reinsurance.
The agreement, announced earlier this month, has been approved by the boards of both U.S. Re and Assurex but still requires the approval of Assurex shareholders.