Stirling Cooke Insurance Services, Inc. recently completed an asset purchase agreement with Gulf Atlantic Management Group.

Florida-based Stirling Cooke is a wholly-owned subsidiary of Stirling Cooke North American Holdings whose parent is Stirling Cooke Brown Holdings (Bermuda) Ltd.

The move is an expansion of Stirling Cook's insurance operations in Florida.

The acquisition includes a block of workers' compensation business written by Clarendon National Insurance Company through a managing general agent arrangement.

The block of business has annualised premium volume in excess of $25 million.

The agreement also includes acquisition of state-wide Florida Managed Care Network which operates under the trade name GULFChoice.

Stirling Cooke is a leading US specialist in direct coverage and reinsurance for workers' compensation and alternative occupational accident programmes and has nationwide managing general agent contracts with Clarendon National.

"This acquisition represents a significant step forward for us in the Florida market and signals firm commitment to the Florida agency network and policyholders,'' Stirling Cooke CEO Mark Cooke said.

In addition to workers' compensation insurance, Stirling Cooke will also be able to offer an increasing range of property and casualty lines, he said.

The new Stirling Cooke unit is based in Fort Lauderdale offering workers' compensation underwriting, managed care claims adjusting loss prevention and auditing services.