Donegal Group Inc. recently reported that it had completed the acquisition of all of the outstanding capital stock of Sheboygan Falls Insurance Co. The acquisition was approximately $12 million, which includes a surplus contribution of $8.5 million to support the future premium growth of Sheboygan Falls.
Sheboygan Falls, which operates only in Wisconsin, underwrites a broad line of personal lines products, including auto, homeowners, dwelling fire and umbrella coverages. It also underwrites commercial products, including commercial package policies, commercial fire, general liability and workers’ compensation. Sheboygan Falls estimates that it will report approximately $8 of net written premium for 2008.
Donald H. Nikolaus, president and CEO of Donegal Group Inc. stated, “An important part of our strategy is the selective
acquisition of property and casualty insurers to augment our organic
growth in our existing markets and expand into selected geographic
regions. The Sheboygan Falls acquisition represents a continuation of
our plans to expand our operations in the Midwest.”
Donegal Group Inc. is a property/casualty insurance holding company whose insurance subsidiaries offer personal and commercial lines of insurance to businesses and individuals in five Mid-Atlantic states, Delaware, Maryland, New Hampshire, New York and Pennsylvania; eight Southeastern states, Alabama, Georgia, Louisiana, North Carolina, South Carolina, Tennessee, Virginia and West Virginia; and, six Midwestern states, Iowa, Nebraska, Ohio, Oklahoma, South Dakota and Wisconsin.
Source: Donegal Group Inc.
Topics Mergers & Acquisitions Carriers
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