The Navigators Group, Inc. has completed its acquisition of specialty underwriting agency Bracht, Deckers & Mackelbert NV (BDM) and its affiliated insurer Assurances Continentales (ASCO), which includes ASCO’s Luxembourg domiciled reinsurer, Canal Re SA.
The acquisition has now completed after the receipt of all necessary regulatory approvals, with Navigators paying €35 million in cash as consideration for the takeover.
The acquisition of BDM, ASCO and the latter’s Luxembourg reinsurance unit, advances the company’s diversification strategy by expanding its presence in Rotterdam, Milan, Paris, Madrid, and its current Antwerp office.
President and Chief Executive Officer (CEO) of Navigators, Stanley A. Galanski, commented: “The transaction demonstrates Navigators’ commitment to delivering our technical expertise and specialty insurance products to more brokers and insureds in Europe, while also providing a solution for Navigators to ensure continuity of coverage for our policyholders following the UK’s exit from the European Union.
“BDM and ASCO are a strong fit for Navigators, in large measure because we share complementary cultures that emphasize a passion for underwriting discipline and outstanding claims experiences.”
ASCO & BDM CEO, Jos Gielen, added: “We are delighted to join Navigators to deliver an even broader portfolio of specialty insurance products and value-added technical and industry expertise to our clients. In addition to the benefits of Navigators’ financial strength, this transaction will provide BDM and ASCO with significant opportunities for growth in local markets across Europe.”
