The company intends to merge with the acquired captive in due course, and reinsure the longer-tail portion of the portfolio with its core risk carrier in Germany, Darag Deutschland AG.
Based in Melbourne, Solution is a specialist insurance underwriter that focuses on financial lines insurance products.
Convergence aims to target the insurance of credit risk portfolios, addressing the growing needs for portfolio solutions among banks and global financial institutions.
The state is known as the largest captive domicile in the US, followed by Utah and North Carolina, holding 439 and 311 respectively.
The state currently hosts 311 captive entities, up from 294 in 2022, with Utah holding 439 and Vermont licensing 659.
Titled ‘The Balancing Act of Captive Management’, the event will address inflationary challenges that insurance companies face.
The new company is set to make its formal debut at the British Insurance Brokers’ Association conference, taking place on 15 to 16 May in Manchester.
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