Hermitage Investment Holdings (HIH) has announced it is to acquire all of the share equity in US-based insurers Hermitage Insurance Company and Kodiak Insurance Company, known as 'the Hermitage Companies'.
HIH spokesman Thomas Gleeson commented: "The Hermitage Companies were formerly owned within the financially troubled Queensway insurance group and the completion of the acquisition will eliminate the uncertainties related to the previous ownership and should significantly improve the ratings outlook for the companies."
He added that he is excited about the companies' potential in the current market environment.
The transaction is subject to regulatory approval and is expected to complete later this year.
