Praetorian Completes Acquisition of Specialty Insurer Alea

Praetorian Financial Group, Inc., itself a specialty insurer, said it has completed the acquisition of Alea North America Specialty Insurance Company (ANASIC), which following regulatory approval will be renamed Praetorian Specialty Insurance Company.

Alea, a non-admitted carrier, is authorized to write business in 38 states including New York, California and Texas.

First announced in May, the acquisition expands Praetorian’s geographic reach range of coverage offerings.

The Praetorian Financial Group’s insurance subsidiaries are Praetorian Insurance Company and Redland Insurance Company. Headquartered in New York, Praetorian Financial Group is a subsidiary of Hannover Re and has branch offices in Illinois, Kansas, Tennessee, and Nebraska.