Centris Completes Buy
Centris Group Inc., the Costa Mesa insurance company, said it completed its acquisition of two companies from Canadian Seaboard North American Holdings Inc. for about $43 million in cash.
The two Indianapolis-based Seaboard units--VASA North America Inc. and Seaboard Life Insurance Co.--will expand the Costa Mesa firm’s “stop-loss” insurance coverage for companies facing huge medical claims from employees. The acquisitions also will increase Centris Group’s life-insurance business.
Centris officials predicted that the two businesses will contribute premium revenue of $25 million to $30 million this year and add to the bottom line. The acquisitions underscore the company’s plans to focus on medical stop-loss business and remove itself from property and casualty reinsurance.
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