Press
SPARTA Insurance Holdings, Inc. Announces Acquisition of Insurance Company
29 Aug 2007
Hartford, CT -- SPARTA Insurance Holdings, Inc. (SPARTA) announced the acquisition of American Employers' Insurance Company, a 52 jurisdiction licensed company, from a subsidiary of OneBeacon Insurance Company. SPARTA recently announced that it had closed its contractual arrangements for funding in the amount of $279.1 million of private equity capital from a consortium of investors led by Corsair Capital, and including Goldman Sachs, York Capital Management, Primus Capital Funds and KBW Capital Partners.
"We're very pleased to have completed the transaction with OneBeacon which will give us a great operating platform for our business" said George L. Estes, III, SPARTA Chairman & CEO. "We look forward to building upon this foundation and participating in the marketplace". SPARTA, which is an acronym for Specialty Program and Risk Transfer Alternatives, intends to rename the insurance company SPARTA Insurance Company, and underwrite property and casualty insurance for the specialty and alternative risk program marketplace. SPARTA is located in Hartford, CT.
In addition to Mr. Estes, SPARTA's founding officers include Kevin G. Costello, President and COO, of West Hartford, CT, and Dawne E. Ware, Chief Financial Officer, of Farmington, CT.
Contact:
Coursey & Company
Chuck Coursey
860.232.9800 (office)
860.305.0055 (mobile)
