IRB International Corporation, a subsidiary of IRB Brasil Resseguros S.A. (IRB Brasil Re), has announced plans to sell its stake in United Americas Insurance Company (UAIC) for US $5.3 million to Quest Group Holdings Limited, a re/insurance market investor.
IRB International has already entered a Share Purchase Agreement (SPA) with an affiliate of Quest to sell the stake it holds indirectly in its subsidiary, UAIC.
Quest Group is an investor and provider of professional services to the global re/insurance market, and has already completed 10 acquisitions as an investor.
UAIC has not been underwriting new risks since 1984, and has been dedicated to managing runoff, with administrative expenses being absorbed by IRB Brasil Re, its indirect controlling company.
The transaction is subject to regulatory conditions, and the $5.3 million value is expected to be paid upon consummation of the sale if the amount matches what is booked in the company’s balance sheet.
