Castlepoint acquiring specialty insurer Hermitage for $135m
(BestWire) CastlePoint Reinsurance, a Bermuda-based subsidiary of CastlePoint Holdings, is acquiring specialty insurer Hermitage Insurance Group for about $135m.
CastlePoint will pay Hermitage, a subsidiary of Brookfield Asset Management, $27m in cash plus its adjusted closing book value. No external financing will be needed, CastlePoint said in a statement.
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