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.
