By Robert Dixon
Bermuda-based Aurigen Capital has agreed to acquire Brokers National Life from Ameritas Life, according to news reports.
Aurigen USA, a division of the Bermuda financial holding company, has agreed to buy Brokers National Life as a part of its planned expansion into the U.S. life reinsurance market.
Aurigen Capital is a privately-held company. Terms of the deal were not disclosed. Subject to regulatory approval, the transaction is likely to close in the first quarter of 2013. The existing Brokers National business will be integrated into the group division of Ameritas Life Insurance , according to IBR Reinsurance, a website covering the international reinsurance industry.
Brokers National Life is licensed in 48 states and the District of Columbia. The acquisition will enable Aurigen USA to offer reinsurance for individual life business through its U.S. reinsurance entity.
Michael Pado has been appointed as chief executive officer and president of Aurigen USA. He will report to Aurigen Capital president and chief executive officer Alan Ryder.
With more than 30 years of industry experience, Pado worked at a U.S. life reinsurance operation within a large international reinsurance company as president and chief executive officer prior to Aurigen, IBR reported.
Aurigen was formed in 2007 and began operations in 2008. Based in Hamilton, Bermuda, the company operates offices in Toronto, Amsterdam and Red Bank, N.J. As of Dec. 31, 2011, the company had life insurance in force of CA$25 and assets under management in excess of CA$350 million.
The seller, Ameritas Mutual Holding Co., is headquartered in Lincoln, Neb.
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