C.A. Bancorp to partner in new American insurance carrier
Canadian merchant bank C.A. Bancorp, which was bought last year by CDJ Global Catalyst, has entered into a joint venture with U.S. insurance holding company Federated National Holding Co to form a property and casualty insurance carrier. Named Monarch National Insurance Co, the Florida-based carrier will have an initial capitalization of US$33 million from investments by C.A. Bancorp, Federated National and minority investor Transatlantic Reinsurance Co, a New York-based reinsurer. C.A. Bancorp and Federated National are expected to hold a 42.4 percent share in the new company's parent organization, Monarch Delaware Holdings LLC.
21 July 2014•5 mins read
