Max Specialty Insurance Company in Richmond, Va., announced it will purchase Indiana-based Commercial Guaranty Casualty Insurance, a unit of Travelers Indemnity Company.
Terms for purchasing the firm, which will serve as a shell company allowing Max to extend admitted operations into all 50 states, were not announced. Max is the U.S. excess and surplus lines unit of Max Capital Group Ltd.
The company said that upon completion of the transaction, which is subject to regulatory approval, Max Specialty's underwriting team will be able to write both admitted and nonadmitted business.
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