Bermuda?s largest new insurance company, Quanta Capital Holdings Ltd., announced yesterday it had expanded into the US domestic market and bought out a US insurance company.

Quanta, a specialty insurance and reinsurance company, said it had bought all the outstanding stock in the National Farmers Union Standard Insurance Company (NFU Standard).

Tobey Russ, Quanta?s chairman and chief executive officer said: ?We are very pleased to have acquired NFU Standard, as it gives us the ability to write insurance on an admitted basis. This represents an important milestone in the ongoing development of Quanta?s business, and we are happy to have been able to complete the transaction on schedule.? NFU Standard is a Colorado domestic US insurance company licensed in 41 states and all of the existing business, renewals and liabilities of the acquired company are being retained by National Farmers Union Property Casualty Company, the parent company of NFU Standard. Quanta, which was the only Class 4 insurer to set up in Bermuda in 2003, said that as the transaction was finalised, NFU Standard was renamed Quanta Indemnity Company.