Bermuda-based insurer Aspen Insurance Group said it has acquired San Juan, Puerto Rico-based marine insurance managing general agency Blue Waters Insurers Corp.
Terms of the deal were not disclosed.
Aspen said Blue Waters will join its global marine operation and will support the continued expansion of Aspen's marine business by opening access to the Puerto Rican and Caribbean markets.
"Blue Waters has an excellent reputation and is a recognized industry leader in the Puerto Rico marine market, reflecting the intellectual capital, technical and deep marine risk engineering expertise within the company," says David Cohen, president and chief underwriting officer, at Aspen. "It is a successful business with strong prospects and is an excellent fit with our marine business in the U.S. as it adds local, technical expertise to support Aspen Insurance's expansion by delivering localized service to a new geography."
Aspen said Eugenio M. Rosas, president of Blue Waters, will continue in his role, reporting to Patrick Hickey, executive vice president and head of U.S. marine at Aspen.
According to Blue Waters' website, the company was founded by Rosas in 2007 and has nine full-time employees.
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