Bermuda-based reinsurer Till Capital Ltd has completed its acquisition of Canadian insurer Omega Insurance Holdings, Inc.

Till said it will pay $15.4 million — the equivalent of 1.2 times Omega’s book value as of June 30, 2014 — for all Omega’s shares, plus no more than $3 million extra for transactions in process at closing.

The purchase of the Toronto-based Omega increases Till’s insurance and reinsurance capacity and its assets under management.

“The combination of Omega’s insurance expertise and the company’s investment and technical teams is a solid foundation for growth,” Till said in a statement.

The acquisition includes Omega’s subsidiaries Omega General Insurance Company and Focus Group, Inc, as was previously announced on July 28, 2014.

The signing of the agreements is the final step in the transaction with Omega prior to regulatory approval.

Completion of the transaction is subject to approval of Canada’s Office of the Superintendent of Financial Institutions, receipt of approval of the TSX Venture Exchange, and receipt of certain other customary consents.

Omega has more than $40 million in assets and has been operating since 2004.

Omega offers customised solutions for insurers and reinsurers entering and exiting the Canadian insurance market, meaning that it specialises in the start-up and run-off phases.

Till, which has a Bermuda-domiciled reinsurance company with a Class 3A reinsurance licence, has been structured to produce underwriting profits from reinsurance policies, as well as above average returns on assets under management, according to the company’s statement.