Bermuda speciality reinsurer MultiStrat has bought up a US company, it announced last night.

The Island-based firm has taken over Annapolis Consulting Group (ACG), a Maryland international consultancy business that provided services to the reinsurance sector — its first acquisition in the US.

ACG, which also has an office in Bermuda and one in South Carolina, specialises in the resolution of legacy claims and captive run-offs.

MultiStrat Re CEO Bob Forness said: “MultiStrat is excited to welcome the ACG team to our group of speciality reinsurance and advisory service companies.

“ACG’s expertise, knowledge and relationships will be essential to MultiStrat Group’s design and delivery of cost-effective risk protection, capacity and legacy solutions for the captive market.”

ACG CEO Sean Logan added: “Teaming with MultiStrat will provide ACG with access to tools that will multiply our effectiveness.”

MultiStrat will also take over ACG Brokerage (Bermuda) as part of the deal, subject to approval by regulators.

MultiStrat offers reinsurance and advisory services and also specialises in launching and developing asset manager sponsored reinsurance firms through several subsidiaries of the holding company.