Universal Group Inc. has been authorized to acquire certain assets from Real Legacy Assurance Co. Inc., an insolvent property and casualty insurer headquartered in Guaynabo, Puerto Rico, El Nuevo Dia reported Nov. 16.
The transaction does not include Real Legacy's assets in the U.S. and British Virgin Islands. Universal Group, which is also domiciled in Guaynabo, agreed to hire roughly half of Real Legacy's staff.
The Puerto Rico Insurance Commissioner's Office took control of Real Legacy after it received a rehabilitation order from the Court of First Instance in September. Real Legacy's policyholders' surplus dropped to a negative $41.9 million from $38.4 million in six months after the company incurred significant claims from Hurricanes Maria and Irma in 2017.