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Navigators to acquire Belgian insurer for $41 million

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The Navigators Group Inc. said Monday it will pay €35 million ($41.1 million) in cash to acquire the shares of a Belgian insurer that specializes in marine and property/casualty insurance and its underwriting agency.

The Stamford, Connecticut-based insurer will acquire Assurances Continentales-Continentale Verzekeringen N.V. and underwriting agency Bracht, Deckers & Mackelbert N.V., which underwrites risk coverage in niche markets on behalf of ASCO and other major international insurers. Both are based in Antwerp, Belgium.

As part of the transaction, which is expected to close in 2018’s first half, Navigators will also acquire all the shares of Canal Re S.A., a Luxembourg reinsurer that is a wholly owned subsidiary of ASCO.

Navigators said in a statement that the acquisition reinforces its presence in the European Union’s single market, enabling it to best serve its clients after Britain leaves the European Union, and provides the opportunity for BDM and ASCO to offer their expertise to a wider European audience.

The transaction will “provide Navigators with a scalable platform to support our product lines and geographic expansion across continental Europe,” Navigators President and CEO Stanley A. Galanski said in the statement.

The transaction is subject to certain conditions, including regulatory approval, according to the statement.