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Early this month, First Mercury Financial Corporation announced one of its subsidiaries will buy Valiant Insurance Group for roughly $55 million, expanding its ability to write admitted specialty business and allowing it to enter the marine insurance market.

Valiant Insurance Group is the U.S. specialty insurance arm of Bermuda-based Ariel Holdings.

Southfield, Mich.-based First Mercury Corporation, whose operations include excess and surplus lines insurers and producers, said its principal insurance company–First Mercury Insurance Company–inked a definitive agreement to acquire Valiant for an amount equal to its anticipated tangible book value at closing.

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