Continental General Life Insurance
- Immense milestone for establishing HC2’s insurance platform
- Acquisition includes $1.4 billion insurance coverage financial investment profile
- Past NY State Insurance Superintendent, James Corcoran, to head insurance product
NY, Dec. 24, 2015 (GLOBE NEWSWIRE) - HC2 Holdings, Inc. (“HC2” or “the Company”) (NYSE MKT:HCHC) these days announced so it completed its acquisition of lasting care and term life insurance companies, United Teacher Associates insurance provider (“UTAIC”) and Continental General insurance provider (“CGIC”), pursuant to an agreement (“Stock Purchase Agreement”) with subsidiaries of American Financial Group, Inc. (“AFG”).
“We are delighted to close this exchange with AFG also to start building our insurance system. We think this acquisition provides a very good base upon which to develop our insurance straight and offers further diversification for HC2, ” said Philip Falcone, HC2’s Chairman, President and Chief Executive Officer. “We expect to see continued improvements to your company and asset portfolio, which we believe will enhance the credit profile for policyholders and produce progressive shareholder value at HC2. We look ahead to including even more lasting attention insurance possessions to this platform once we believe this industry is primed for consolidation.”
“We have become excited to own effectively completed this deal with HC2 and believe it to be mutually beneficial to both functions, ” stated Craig Lindner, AFG’s Co-Chief Executive Officer.
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