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Navigators to acquire 2 Belgian insurers

Navigators Group Inc. has agreed to buy all shares of Belgium-based Assurances Continentales – Continentale Verzekeringen NV and Bracht, Deckers & Mackelbert NV for €35 million ($41.2 million) in cash.

The transaction is subject to the satisfaction or waiver of customary closing conditions, including among other things, the receipt of regulatory approval. The deal is expected to close in the first half of 2018.

Additionally, as part of the deal, Navigators will acquire all shares of Luxembourg reinsurance company Canal Re SA, which is a subsidiary of Assurances Continentales – Continentale Verzekeringen.

Assurances Continentales – Continentale Verzekeringen is a specialty insurance company that offers marine and property and casualty insurance. Bracht Deckers & Mackelbert underwrites risk coverage in niche markets on behalf of Assurances Continentales – Continentale Verzekeringen and a few international insurers.