New York-based Praetorian Financial Group, Inc., today announced it has completed the acquisition of Alea North America Specialty Insurance Company.
Following regulatory approval, the entity will be renamed Praetorian Specialty Insurance Company.
The non-admitted carrier is authorized to write business in 38 states including New York, California and Texas.
“Our acquisition of this non-admitted facility will enable Praetorian to react quickly to market conditions and provide our underwriting partners with additional flexibility,” said Rod Fox, Praetorian's Chief Executive Officer.
Susan Rivera, Praetorian's President and Chief Underwriting Officer added the addition of the new facility represents a “significant increase in our capabilities and demonstrates an ongoing commitment to our underwriting partners.”
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