Ariel Holdings has announced its intent to take over Valiant Insurance Company from Zurich North America Commercial Group.

In anticipation of this move, Ariel has established a US-based insurance holding company, Valiant Insurance Group and the executives of both firms expect to close the acquisition in early October, subject to obtaining regulatory approvals.

The terms of the agreement are confidential, except Zurich will retain responsibility for Valiant Insurance Company's historical business.

Gary Dubois, president and CEO of Valiant said: "We intend to operate under the Valiant Insurance name, and this company will serve as the operating platform for a new specialty property and casualty insurance initiative.

"Valiant Insurance Company is licensed on an admitted basis in 47 states plus the District of Columbia. This acquisition will help to further diversify and expand Ariel Holdings Ltd.'s insurance and reinsurance market profile globally."

In September Ariel announced the acquisition of Lloyds' market underwriting specialist Atrium Underwriting Plc, acquiring in excess of 96 percent of the shares and is proceeding under UK law to purchase the balance.