Swedish-Led Group Buys Home Insurance: AmBase Corp....
From Times Staff and Wire Reports
Swedish-Led Group Buys Home Insurance: AmBase Corp. of New York announced a definitive agreement to sell its Home Insurance Co. unit to an investor group headed by Sweden’s second-largest insurer for $970 million. AmBase’s board selected the Trygg-Hansa Holdings group’s bid over a competing offer from a group led by Sequoia Associates. Trygg-Hansa, based in Stockholm, is a multiline insurance carrier with annual premium income of about $2.3 billion and assets of about $15 billion. In approving the sale of Home Insurance, the board also authorized management to come up with a plan to restructure AmBase.
