The Seibels Bruce Group Inc. of Columbia, S.C. completed a transaction with The Hartford Financial Services Group Inc., under which The Hartford acquired the right to renew or assume all of Seibels Bruce’s in-force National Flood Insurance Program business. According to Seibels Bruce, the purchase price was $3.8 million in cash at closing, and up to $1.0 million to be paid on November 15, 2003, if certain conditions are met.
The business is currently written under the Write Your Own Program through Seibels Bruce’s subsidiaries, South Carolina Insurance Company and Catawba Insurance Company. As a result of the transaction it will be written by The Hartford Fire Insurance Company and administered by Trumbull Services LLC, a subsidiary of The Hartford, which manages most of The Hartford’s flood business.
The Federal Emergency Management Agency and the South Carolina Department of Insurance approved the transaction.
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