An insurer with a very unusual specialty changed hands at the end of June.
Omega General Insurance Company, one of whose specialties is helping other insurers that want to close their books leave Canada, is now owned by the Accelerant Holdings group, based in Atlanta, Georgia.
On June 21, Accelerant acquired the assets of Till Capital Corporation, the British Columbia-based parent company of Omega Insurance Holdings, which also wholly owns Focus Group. This group provides consulting services to a variety of P&C insurance clients.
Accelerant paid $13.7 million to acquire Till Capital Corporation and all of its shares, an amount equal to 1.15 times the company’s book value.
The transaction will close once approval is received from the Office of the Superintendent of Financial Institutions (OSFI), the TSX Venture Exchange and certain provincial regulatory authorities.
Entry into Canada
The transaction marks Accelerant’s entry into the Canadian market, says Jeff Radke, CEO, who co-founded the company in 2018. The newcomer looks forward to participating in the wave of consolidation sweeping through P&C insurance in Canada, Radke says.
Accelerant is backed by Altamont Capital Partners, a private equity firm that has holdings in a dozen financial institutions.
