Last Updated: June 18, 2019
Information on the Proposed Acquisition of Control of Time Insurance Company by Haven Holdings Inc., and Haven Insurance Company II.
On September 7, 2018, Haven Holdings Inc., and Haven Insurance Company II (together the Applicants) filed a Form A statement regarding the acquisition of control of or merger with a domestic insurer regarding Time Insurance Company (Time). The Applicants, subject to the terms and conditions set forth in the stock purchase agreement, dated September 4, 2018, intend to acquire control of Time in a two-step transaction: (i) first, Haven Holdings will purchase 100% of the outstanding voting stock of Time, and (ii) second, Haven Insurance will merge with and into Time, with Time surviving the merger and converting to a Puerto Rico corporation and a Puerto Rico-domiciled insurer, thereby redomesticating Time to Puerto Rico. The Applicants expect that the second step will take place immediately after the first step.
Time Insurance Company is a Wisconsin domiciled stock insurance company owned by Interfinancial Inc., a Georgia corporation that owns 100% of the issued and outstanding voting stock of Time. Time is under the ultimate control of Assurant, Inc., a Delaware corporation that directly owns 100% of the outstanding voting stock of Interfinancial.
Haven Holdings Inc. is a Puerto Rico corporation and an insurance holding company.
Haven Insurance Company is a Puerto Rico corporation and a Puerto Rico-domiciled insurer.
Notations on Accessing Information
Financial information concerning individual insurance companies, including key annual statement pages, may be accessed on the Consumers Information Source section of the National Association of Insurance Commissioners' website at
List of Exhibits for Case No. 18-C42803:
- Exhibit 20: E-mail from Steven Junior to Mr. Max Holmes dated September 21, 2018
- Exhibit 21: Letter to Steven J. Junior from JillAllison Opell dated September 26, 2018
- Exhibit 22: Letter to Steven J. Junior from JillAllison Opel dated October 1, 2018, regarding the use of protected cells to maintain National Association of Insurance Commissioner' Life and Health risk-based capital and new financial projections
Exhibit 23: October 1, 2018, response from JillAllison Opell to Steve Junior's September 21, 2018, letter, with new projections included [CONFIDENTIAL]
Exhibit 24: Extraordinary Dividend Report to Levi Olson, OCI, from William Toman, Quarles & Brady LLP, dated September 28, 2018 [CONFIDENTIAL]
- Exhibit 25: Form D dated September 27, 2018, under cover of a letter to Levi A. Olson, OCI, from William Toman, Quarles & Brady LLP, dated September 28, 2018
Exhibit 26: Preliminary Presentation of Haven Asset Management to the OCI dated May 22, 2018 [CONFIDENTIAL]
- Exhibit 27: Notice of Hearing
- Exhibit 28: Pre-filed Testimony of Mr. Holmes
October 16, 2018
October 17, 2018