Eli Global LLC unit Global Bankers Insurance Group was the buyer of select assets from the Beechwood family of reinsurance and asset management companies, Reuters reported, citing an unnamed source familiar with the matter.
The assets acquired by Global Bankers Insurance Group included Beechwood Bermuda Investment Holdings Ltd and Beechwood OMNIA Ltd, Reuters reported, citing a second unnamed source. The deal does not include the assumption of legal liabilities, the news outlet reported.
The Beechwood reinsurance companies were said to be in talks to sell most or all of their operations as its relationship with Platinum Partners, the hedge fund manager facing multiple federal investigations, had dented the company's reputation.
A confidentiality agreement did not allow Global Bankers' name to be revealed as the buyer, according to the report.
Global Bankers Insurance Group is a family of insurance and reinsurance companies that includes Bankers Life Insurance Co., Colorado Bankers Life Insurance Co. and Southland National Insurance Corp.