Sale to Republic Group
Retained by Four Corners to find a buyer with a strong interest in supporting the Company’s non-standard automobile expansion plans in the Southwest and others areas of the country. The sale of Four Corners was driven by the two principal owners’ desire for a well-capitalized partner. For Republic, Four Corners provides a proven track-record of profitable underwriting, a state-of-the-art policy management system, and bilingual servicing capabilities that will help it serve the growing Hispanic market. Republic also plans to leverage Four Corners’ capabilities to expand its non-standard writings in Louisiana, Mississippi and Arkansas in the near term.
Affiliation with Patrons Mutual
Acted as the exclusive advisor to State Auto Mutual Insurance Company in its affiliation with Patrons Mutual. Both organizations view the combination as a “win-win”. State Auto will benefit from Patrons Mutual’s strong market relationships and underwriting expertise in the Northeast while Patrons Mutual will gain access to State Auto’s financial and operational resources, including an improved A.M. Best rating. Through this affiliation, the organization plans to grow its commercial and personal lines business in the New England. During 2007, Patrons Mutual generated approximately $50 million in direct written premium on year-end policyholder surplus of $22 million.
Sale to North Pointe Holdings
Served as exclusive financial advisor to Capital City Holdings, Co. in its sale to North Pointe Holdings Corporation for $41 million. The sale of Capital City Holdings includes its wholly-owned subsidiary Davis-Garvin Holdings, Inc. Capital City specializes in workers compensation and other commercial specialty coverages for the forestry industry and other “main street” commercial risks. Capital City wrote approximately $64 million in direct written premium and reported over $180 million in total assets in 2006.
Acquisition of Merastar Insurance Company
Facilitated transaction and acted as the exclusive advisor to Unitrin in its $45 million acquisition of Merastar Insurance Company. Merastar was owned by Jack Byrne and specialized in personal automobile and homeowners’ insurance through employer-sponsored voluntary benefit programs. Merastar wrote approximately $54 million in direct written premium in 2006.
Sale to Transatlantic Holdings
Retained by Legion Insurance Company (In Liquidation) and the state of Pennsylvania to maximize the value of Professional Risk Management Services, Inc. (“PRMS”). Facilitated sale of PRMS to Transatlantic Holdings, Inc. for a cash purchase price of $21 million. PRMS is a leading insurance program manager in behavioral healthcare. PRMS is based in metropolitan Washington, DC and is a managing general agent specializing in professional liability insurance services and risk management for behavioral healthcare professionals.
Sale to NALICO General Agency
Acted as the exclusive advisor to Longhorn General Agency and Longhorn Insurance Services, Inc. in the sale of assets to NALICO General Agency, a subsidiary of NLASCO which owns National Lloyds Insurance Company. Longhorn General is a premier specialty managing general agency focused on offering property and casualty insurance products to manufactured housing, homeowners and dwelling risks throughout Texas and the Southwest.
Sale to Hallmark Financial Services
Served as the exclusive advisor to Texas General Agency in its $46.9 million sale to Hallmark Financial Services, Inc. TGA, based in San Antonio, TX, is a managing general agency involved in the marketing and servicing of property and casualty products, with a particular emphasis on commercial automobile and general liability risks.
Acquisition of MEEMIC Insurance Company
Served as exclusive financial advisor to GMAC Insurance Holdings, Inc. and its subsidiary Motors Insurance Corporation in its announced intention to purchase MEEMIC Insurance Company, a subsidiary of ProAssurance Corporation, for approximately $400 million. MEEMIC, which offers primarily auto and homeowners insurance to the education communities in Michigan and Wisconsin, provides GMAC an excellent growth platform in this profitable niche.
Sale to National Penn Bancshares
Acted as exclusive financial advisor to D.E. Love Associates, Inc. in its sale to National Penn Bancshares, Inc. D.E. Love, a full-service insurance agency headquartered in Yardley, PA, offers property and casualty insurance and employee benefit programs through its relationship with a variety of regional and national carriers. D.E. Love, which has 21 employees, will play an important role in growing National Penn’s insurance division and strengthening its position as a full-service financial resource provider for its customers.
Sale of Becher & Carlson to Risk Strategy Partners
Retained by American Re Corporation to find a buyer and maximize the value to American Re of Becher & Carlson. Sold Becher & Carlson to Risk Strategy Partners, an experienced insurance agency team led by the former CEO of a recently sold large national insurance brokerage operation. Becher & Carlson provides risk management solutions and brokerage services to Fortune 1000 companies.
Acquisition of Worldwide Insurance
Acted as the exclusive financial advisor to Response Insurance Group in its acquisition of Worldwide Insurance Company and Worldwide Direct Insurance Company from Great American Insurance Company, a subsidiary of publicly-traded American Financial Group (AFG). Response will also acquire the renewal rights to the direct auto business of other Great American subsidiaries. Response, a subsidiary of Meriden, CT based Direct Response Corporation, will pay $17 million plus the policyholders’ surplus of the Worldwide Companies, for a total purchase price of $50 million.