San Juan, Puerto Rico-based Haven Holdings Inc. (Haven Holdings) has completed its acquisition of Wisconsin-based Time Insurance Co. from Interfinancial Inc., a wholly-owned subsidiary of Assurant Inc., the company announced.
Immediately following the closing on Dec. 3, Time Insurance redomesticated to the Commonwealth of Puerto Rico and changed its name to Time Insurance Company II.
The change of control of Time Insurance and its exit from Wisconsin was approved by the Wisconsin Office of the Commissioner of Insurance, and the redomestication and entry to Puerto Rico was approved by the Commonwealth of Puerto Rico Office of the Commissioner of Insurance.
Policyholder services will remain in place and are expected to remain unaffected.
Following the closing, the assets of Time Insurance Company II will be managed by Haven Asset Management (Insurance) LLC, an SEC registered investment advisor based in Greenwich, Connecticut.
In connection with this transaction, Foley & Lardner LLP represented Haven Holdings and Sullivan & Cromwell LLP represented Assurant.
Time Insurance Co. was formed in Wisconsin in 1892 as the LaCrosse Mutual Aid Association. In 1990, the company became Fortis Insurance Co. and became a subsidiary of Assurant Inc. in 2004. It reverted back to Time Insurance Co. name in 2005. Assurant placed the company in runoff at the end of 2015.
Haven Holdings Inc. is an insurance holding company with headquarters in San Juan, Puerto Rico.
Source: Haven Holdings Inc.
Topics Mergers & Acquisitions
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