Canada’s deputy prime minister and minister of finance, Chrystia Freeland, has reportedly given approval for Omega Insurance Holdings Inc. and its two wholly-owned subsidiaries, the Omega General Insurance Company and Focus Group Inc. to be sold to Atlanta, Georgia-based Accelerant Holdings. The approval and subsequent sale will complete Till Capital Corporation’s exit from the insurance business.
Omega is a licensed insurance company based in Toronto, while Focus Group is a consulting and project management business, Till Capital states. Accelerant is expected to pay the mining and mineral company investor approximately $13-million in exchange for all issued and outstanding shares of Omega.
Omega General’s stated mission is to offer solutions for insurers and reinsurers interested in exiting the market. Focus, meanwhile, provides management services to Omega General and a range of consulting and management services to other clients, as well.
As reported by the Insurance Portal previously, the deal marks Accelerant’s entry into the Canadian market. The company’s CEO and co-founder says it plans to participate in the consolidation of the property and casualty business currently underway in Canada.
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