SAN JUAN, Puerto Rico--(BUSINESS WIRE)--Haven Holdings Inc. (“Haven Holdings”) announced that effective December 3, 2018, it has closed the acquisition of 100% of the issued and outstanding shares of capital stock of Time Insurance Company, an insurance company organized under the laws of the State of Wisconsin, from Interfinancial Inc., a wholly-owned subsidiary of Assurant, Inc. (NYSE: AIZ).
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) LLC, an S.E.C. registered investment advisor based in Greenwich, Connecticut.
In connection with this transaction, Foley & Lardner LLP represented Haven Holdings and Sullivan & Cromwell LLP represented Assurant, Inc.
About Time Insurance Company
Time Insurance Company was formed in Wisconsin in 1892 as the LaCrosse Mutual Aid Association. In 1990, the company became Fortis Insurance Company and was for many years an active national provider of annuities and life insurance, disability insurance, long-term care insurance and health insurance. In 2004, the company became a subsidiary of Assurant, Inc., and in 2005 changed its name back to Time Insurance Company. Assurant placed the company in runoff at the end of 2015.
About Assurant, Inc.
Assurant, Inc. (NYSE: AIZ) is a global provider of risk management solutions, protecting where consumers live and the goods they buy. A Fortune 500 company, Assurant focuses on the housing and lifestyle markets, and is among the market leaders in mobile device protection and related services; extended service contracts; vehicle protection products; pre-funded funeral insurance; renters insurance; and lender-placed homeowners insurance. Assurant has a market presence in 21 countries, while its Assurant Foundation works to support and improve communities. www.assurant.com
About Haven Holdings Inc.
Haven Holdings Inc. is an insurance holding company with headquarters in San Juan, Puerto Rico. Haven Holdings Inc. was formed to acquire closed blocks of insurance policies in runoff, with the goal of creating long-term value for its stakeholders through carefully structured acquisitions and focused asset and liability management. Haven Holdings Inc. is actively seeking closed blocks of annuities, life insurance, long-term care insurance, long-tail disability insurance, health insurance, pre-need insurance, other long-tail property and casualty insurance, workers comp insurance and structured settlements. www.havenholdingspr.com
About Time Insurance Company II
Time Insurance Company II is an insurance company with headquarters in San Juan, Puerto Rico. Time Insurance Company II holds an insurance and reinsurance license, as a Chapter 61 international insurer, from the Commonwealth of Puerto Rico Office of the Commissioner of Insurance, which is an accredited member of the National Association of Insurance Commissioners (the NAIC). Time Insurance Company II is also a licensed insurer in 49 states. Time Insurance Company II is a wholly-owned indirect subsidiary of Haven Holdings Inc. www.timeinsurancecompanypr.com
About Haven Asset Management (Insurance) LLC
Haven Asset Management (Insurance) LLC is an S.E.C. registered invest advisor based in Greenwich, Connecticut, formed to pursue traditional and alternative asset management on behalf of insurance companies and other institutional investors. Haven Asset Management (Insurance) LLC manages the assets of Haven Holdings Inc. and its insurance and non-insurance subsidiaries. www.hamllc.com
