Itasca, Ill.-based agency Euclid Insurance Services Inc. announced plans to acquire the Hinsdale, Ill.-based Andersen Group Ltd., which specializes in serving the commercial insurance needs of the waste-hauling industry.
Andersen Group president John Andersen and his staff will joining the Euclid team, enabling the 70-year-old Andersen Group to continue to operate under its present name as a wholly owned subsidiary of Euclid Insurance Services. The merger will directly benefit Andersen Group’s customers by broadening the range of risk management, loss control and claim services available from Euclid’s commercial lines division, the company said in a statement.
The acquisition is aimed at broadening Euclid’s presence in the transportation insurance sector while leveraging Andersen Group’s depth of experience.
Both firms started as one-man operations, and both have grown considerably over the decades but have remained family-owned. Both insure all types of businesses, but also have specialized divisions serving the transportation industry: Andersen Group has insured the waste-hauling industry for over 25 years, while Euclid has served the trucking industry for over ten years.
Euclid boasts of more than 5,000 customers, annual revenues of $14 million, and said it is the 12th largest agency in the Chicago metropolitan area.
Was this article valuable?
Here are more articles you may enjoy.
Berkshire’s ‘Most Important’ Biz Drives Q1 Results; GEICO Still Behind on Tech 
Rising Prices, Low Satisfaction Drive 49% of Customers to Shop For New Auto Insurance 
Insurer Chubb Readies $350M Payout Tied to Baltimore Bridge Collapse 
Three Insurers Reject Chevron’s $57 Million Claim for Iran Oil Seizure 
