Haven Holdings stated that it has completed the acquisition of Time Insurance Company from Interfinancial, a wholly-owned subsidiary of Assurant.
Time Insurance is organized under the laws of the State of Wisconsin.
Immediately following the closing, Time Insurance Company redomesticated to the Commonwealth of Puerto Rico and has changed its name to Time Insurance Company II.
The change of control of Time Insurance Company and its exit from Wisconsin was approved by the State of Wisconsin Office of the Commissioner of Insurance, and the redomestication and entry to Puerto Rico was approved by the Commonwealth of Puerto Rico Office of the Commissioner of Insurance.
Policyholder services will remain in place and are expected to remain unaffected.
Following the closing, the assets of Time Insurance Company II will be managed by Haven Asset Management (Insurance), an S.E.C. registered investment advisor based in Greenwich, Connecticut.
In connection with this transaction, Foley & Lardner represented Haven Holdings and Sullivan & Cromwell represented Assurant.
Source: Company Press Release