Acceptance Insurance Companies Inc. completed the sale of two wholly owned insurance companies to McM Corporation, a Raleigh, N.C.-based insurance holding company and owner of Occidental Fire & Casualty Company of North Carolina and Wilshire Insurance Company. In addition, McM Corporation previously purchased a selected portfolio of the company’s property/casualty insurance programs managed and sold through retail and general agents.
The two companies, Acceptance Indemnity Insurance Company and Acceptance Casualty Insurance Company, underwrote only property and casualty insurance, and the sale was closed pursuant to an agreement announced May 9, 2001, after all necessary regulatory approvals were received.
All programs involved in the transaction were sold as of May 1, 2001. McM Corporation received all unearned premium for in-force policies and various other rights, and reinsured Acceptance against losses from the in-force policies arising from or related to acts, events or occurrences on or after May 1.
Acceptance Insurance Companies Inc. is an insurance holding company providing agricultural risk management products and services throughout the U.S.
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
