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.

has acquired

Republic Group

Served as exclusive financial advisor to Republic Companies, Inc. in its acquisition of Southern States General Agency, Inc. from Unitrin, Inc.  Southern States provides a complete selection of specialty commercial and personal lines property and casualty products through independent agents in Louisiana, Arkansas, Texas and Mississippi.

has been acquired by

Professionals Direct

Retained by Professionals Direct, Inc. to maximize the value and facilitate the sale.  Professionals Direct was sold to The Hanover Insurance Group for a cash purchase price of $23.2 million, which was a premium of over 200 percent of the stock price on the day we were retained.  Professionals Direct, Inc. is the holding company for a Professionals Direct Insurance Services and Professionals Direct Insurance Company.  Professionals Direct provides lawyers professionals liability insurance in more in 36 states through its various programs and through various independent producers.

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.

has acquired certain assets of

 

Wilton Re

Advised Wilton Life Re and initiated its acquisition of Utica National Life Insurance Company, a subsidiary of Utica National Insurance Group. Utica Life’s business is primarily ordinary life insurance sold through independent agents. Wilton Life Re purchased the company with approximately $250 million in assets and $20 million in premiums. $33 million transaction.

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.