PartnerRe Ltd. will acquire Presidio Reinsurance Group, an accident and health reinsurance and insurance writer. PartnerRe will purchase the Presidio Reinsurance Group, comprised principally of a managing general agency (MGA) and a reinsurance carrier. The acquisition is subject to customary regulatory approvals and is expected to be completed during Q1 2013.
PartnerRe says it will pay $72 million as consideration for the MGA, plus tangible book value as consideration for the Presidio reinsurance carrier, with such book value to be determined at the time of the closing. Additional consideration may be paid, if the acquired business exceeds certain profitability targets over time.
The Presidio Reinsurance Group currently underwrites about $250 million of accident and health premiums, says PartnerRe. The Presidio Reinsurance Group was formed in 1994 and is a writer of HMO reinsurance and provider of stop-loss insurance in the United States. Additionally, it writes medical treaty reinsurance, employer stop-loss insurance, and accident insurance and reinsurance. The current management team of the Presidio Reinsurance Group will be retained, including its founder and CEO, Dennis Heinzig.
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