Bermuda-based Armour Reinsurance Group Holdings Ltd. has announced the completion of Armour Re Group's takeover of PMA Capital Insurance Company and two related affiliates.

The acquisition of the companies was completed on December 24, following receipt of all necessary regulatory approvals, including relevant approvals of the Pennsylvania Insurance Department and the Cayman Islands Monetary Authority.

The acquired entities were formerly the run-off operations of the vendor, PMA Capital Corporation. As part of the deal PMA Capital Insurance Company will be renamed Excalibur Reinsurance Corporation.

Brad Huntington, chairman and CEO of Armour Reinsurance Group Holdings Ltd., said: "We are extremely pleased to have concluded the regulatory and sales process for the acquisition of the companies which now form an important part of the platform for Armour Re Group's growth strategy. We welcome on board all of the staff of the acquired companies and look forward to working with them in the future."