Deal worth over 2.5m Euros
Benfield has announced its subsidiary, Crawley Warren Group, is to sell its stake in Reinsurer Alliance International, for 2.5bn Euros.
In a statement the broker said: "Crawley Warren Group has entered into an agreement to sell its entire shareholding in Cypriot underwriter, Alliance International Reinsurance to Flagstone Reassurance Suisse SA, a wholly owned subsidiary of Flagstone Reinsurance Holdings.
"The consideration for the sale is €2,509,848, which is payable in cash on completion."
Last month, Flagstone confirmed it had agreed to buy a stake of up to 29.9% in Alliance International Reinsurance Public Company from current shareholders.
Alliance Re, domiciled in the Republic of Cyprus and publicly traded on the Cyprus Stock Exchange, is a specialist property and casualty reinsurer writing multiple lines of business in Europe, Asia, the Middle East and North Africa. Flagstone is expected to provide two directors to Alliance Re.
