SOBC Sandell has announced that as of December 15th, 2017, it has acquired 100% of the stock of ASAC Inc., PCC and American Staffing Assurance Company of Washington DC, IC (ASCWIC), after receiving regulatory approval for Change of Control in Washington, D.C.
The purchase of ASAC PCC and ASCWIC are SOBC Sandell’s sixth and seventh acquisitions, after the firm recently acquired American Safety and PIARRG of Montana.
The firm’s latest acquisition has now closed, and the transaction was completed by SOBC Sandell alongside the assistance of the District of Columbia Department of Insurance, Securities and Banking.
SOBC Sandell’s Chief Executive Officer (CEO), Stephanie Mocatta, said; “This acquisition provides finality for members of the Protected Cell Captive Insurance Company, and its Incorporated Cell Captive that had entered into run-off, and was structured very similarly to our acquisition of PIARRG, a (former) Risk Retention Group domiciled in Montana.
“We have worked closely with regulators in DC and Montana to provide a successful final solution for the member insureds of these entities. The majority of the business will be handled by our excellent team in Ohio, who have the skills and experience to manage the run-off professionally.”
Total return reinsurer Sandell Re’s Rick Ecklord, added; “We are pleased that our partnership with SOBC Sandell is expanding successfully, the team at SOBC Sandell, working with Sandell Re, have worked hard to close these two acquisitions. We look forward to continued success.”
