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Dallas Firm Buys Offshore Captive Insurer

JAN 25, 2013 5:20pm ET
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Dallas-based zIngenuity Inc. has acquired an undisclosed mortgage guarantee captive reinsurance company which is domiciled in the Turks and Caicos Islands, a British Overseas Territory known as a financial center.

The acquisition is being renamed zInsureRe TCI Ltd. The deal is part of a larger investment strategy in captive reinsurance companies. In 2012, said Steve Beagles, managing director of capital strategies and analytics, it created zInsureRe Inc., headquartered in the Cayman Islands.

“The TCI acquisition will compliment this strategy as many smaller mortgage reinsurance captives are domiciled there.”

David Reber, president and CEO of zIngenuity, said, “Most lender captives established prior to 2008 have been placed into run-off and serve no strategic purpose for lenders, who in many cases are looking to shed noncore assets. We are not aware of an active market for the sale of these structures, which up until this point has limited the available exit options.”

The company’s press release said it had deals in various stages of due diligence, including the acquisition of a Vermont-based captive reinsurer. Vermont is the state that is home to the most onshore captive reinsurance arrangements of all kinds, over 900, according to Vermontcaptive.com.

A request for further information from zIngenuity has not yet been returned.

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