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Stricken Puerto Rico-based insurer's Virgin Islands portfolio to be sold

A judge gave approval Dec. 21 for Trinidad & Tobago-based Guardian General Insurance Ltd. to buy the Virgin Islands business portfolio of Real Legacy Assurance Co. Inc., an insolvent insurer domiciled in Puerto Rico, El Nuevo Día reported, citing Real Legacy's rehabilitation officer, Juan Moldes Rodríguez.

The transaction involves roughly 3,200 personal and commercial lines policies in the U.S. and British Virgin Islands, the report noted.

Hurricanes Irma and Maria in 2017 caused Real Legacy to sustain significant losses and tumble to a deficit of $41.9 million from a positive sum of $38.4 million just six months earlier. The Puerto Rico Insurance Commissioner's Office took over Real Legacy's assets after it received a rehabilitation order from the Court of First Instance in September.

Certain of the company's Puerto Rico operations were earlier sold to Universal Group Inc.