York Insurance Services Group, Inc., a privately owned property and casualty insurance services firm based in Parsippany, N.J., is being acquired by Odyssey Investment Partners LLC in partnership
with Thomas C. MacArthur, who is current chief executive officer of York, other members of senior management, and Ward Partners LLC .
The primary selling shareholder is Bexil Corporation.
York’s senior management team, headed by chairman and CEO MacArthur, will continue to lead the business and will also retain a significant stake in the company.
“This transaction and new capital structure provides York with greater flexibility at this time of continued expansion. We share a common vision with Odyssey to become a broader based provider of outsourced insurance services. We believe that our differentiated service offering and motivated management team, combined with Odyssey’s strategic input and acquisition expertise, and John Ward’s deep knowledge of the insurance industry will be a winning formula for York. We intend
to expand our well regarded franchise of providing value added solutions for the insurance industry,” MacArthur said.
Completion of the transaction, which is expected to occur during the first quarter of 2006, is subject to regulatory and other third-party approvals and customary closing conditions.
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