Whittington sells Americas Insurance Company

by Richard Kilner

Story link: Whittington sells Americas Insurance Company

Whittington Group has concluded an agreement to sell off Americas Insurance Company to ISG Acquisition II LLC for an unknown sum, pending regulatory approval.

The selling of Americas Insurance Company, Whittington’s non-core US insurer, will see the firm depart from the market in the US.

Consequently, Whittington plans to focus its attention upon the rapidly emerging economies of Asia, in addition to the investment opportunities available in Europe.

The firm first acquired Americas Insurance Company seven years ago, and although it is now being relinquished, the employees of New Orleans, Louisiana will be retained.

Upon approval being granted by the regulator, ISG is to use its new acquisition to write business for homeowners in Louisiana.

Furthermore, gaining Americas Insurance Company will give ISG the ability to write business in more than half the states of the USA.

The sale will mark a consolidation of ISG’s growth strategy for the US, according to chief executive Nick Readings.