The Seibels Bruce Group Inc. of Columbia, S.C, announced that its ownership interest in QualSure Holding Corporation (QualSure), a privately-held holding company based in Sarasota, Fla., has been redeemed by QualSure.
Under the terms of the agreement, three of the Company’s wholly-owned subsidiaries, South Carolina Insurance Company (SCIC), Catawba Insurance Company (CIC) and Consolidated American Insurance Company (CAIC), redeemed their holdings for $4.8 million. In addition, Seibels Bruce’s subsidiary company, Insurance Network Services Inc., will continue to provide claim administration services to QualSure under an exclusive contract at a reduced rate. Seibels Bruce expects that anticipated increases in volume will more than offset the reduced rate.
Additionally, the litigation that was initiated in the United States District Court for the Middle District of Florida, Tampa Division in November 2001 by QualSure against the SCIC, CIC and CAIC as well as the resulting litigation by SCIC, CIC and CAIC against QualSure will be dismissed with prejudice.
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