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Employers unit closes purchase of PartnerRe Insurance Co. of New York

Employers Holdings Inc. subsidiary Cerity Group Inc. on July 31 completed its acquisition of PartnerRe Insurance Co. of New York.

The purchase price was equal to the sum of PartnerRe Insurance Co. of New York's statutory capital and surplus and $5.8 million.

Employers Group Inc. in August 2017 entered into a stock purchase agreement with Partner Reinsurance Co. of the US to acquire all of the outstanding shares of capital stock of PartnerRe Insurance Co. of New York. In May 2018, the parties amended the initial purchase agreement to permit, among other things, that Nevada-based Cerity Group Inc. be the acquirer.