Aurigen Capital has signed a definitive agreement to acquire Brokers National Life Assurance Company from Ameritas Life Insurance.
Under the terms of the agreement, Aurigen Capital's unit Aurigen USA will buy Brokers National Life Assurance as a part of its expansion plan into the US life reinsurance market.
Subject to regulatory approval, the transaction is likely to close in the first quarter of 2013 and the existing Brokers National business will be integrated into the group division of Ameritas Life Insurance Corp.
Brokers National Life Assurance Company is licensed in 48 states and the District of Columbia.
The acquisition will enable Aurigen USA to offer reinsurance capacity for individual life business using yearly renewable term and coinsurance structures through a US domiciled reinsurance entity.
Michael Pado has been appointed as chief executive officer and president of Aurigen USA, who will report to Aurigen Capital president and chief executive officer Alan Ryder.
With over 30 years experience, Pado served a US life reinsurance operation within a large international reinsurance company as president and chief executive officer prior to Aurigen.