New York, NY -(BusinessWire)- -Southport Lane, a New York-based private equity firm, has acquired Redwood Reinsurance SPC, Ltd., a Cayman Islands-based reinsurer that provides treaty reinsurance for workers compensation and general liability insurance in the United States. Terms of the transaction were not disclosed.
“This deal underscores our commitment to expanding our insurance and reinsurance platform,” said Glenn Weber, CEO of Southport Re. “The acquisition of Redwood gives us access to an impressive, diverse insurance portfolio, and we will continue providing treaty reinsurance to our select carrier partners.”
The deal marks Southport Lane’s second insurance-related acquisition in two weeks. On May 31, Southport Lane, through its subsidiary Lonestar Holdco LLC, reached a definitive agreement with Dallas National Insurance Holdings to acquire 100% of Dallas National Insurance Company.
Redwood Reinsurance was licensed on Feb. 14, 2008 in the Cayman Islands (license number 2836).
Source: BusinessWire