Assurant selling insurance unit to Global Indemnity for $394M

• Global Indemnity (NYSE:GBLI) is paying an enterprise value of $394M to acquire American Reliable Insurance Company from Assurant (AIZ). The price covers a $114M cash payment (potentially rising to $120M), and the assumption of $280M worth of liabilities, obligations, and mandates.
• American Reliable's insurance services cover specialty personal lines, agricultural property, and casualty coverage.