OneBeacon Insurance Group completed its renewal rights and asset sale agreement to transfer its agricultural division to QBE the Americas, a wholly owned division of QBE Insurance Group Ltd., for approximately $32 million. From offices in Kansas, the new division will write farm and ranch, commercial agricultural and companion lines throughout the U.S. with a concentration in 12 core states.
QBE Agri anticipates it will write $90 million in premium in 2007. Coupled with the acquisition of National Farmer’s Union Insurance Company last year, QBE said its agricultural-based business will now be over $300 million in premium. The Americas division, headquartered in New York, does business through eight companies.
Praetorian Financial Group Inc. acquired Alea North America Specialty Insurance Company (ANASIC), which following regulatory approval will be renamed Praetorian Specialty Insurance Company. Alea, a non-admitted carrier, is authorized to write business in 38 states including New York, California and Texas.
The acquisition expands Praetorian’s geographic reach of coverage offerings. The Praetorian Financial Group’s insurance subsidiaries are Praetorian Insurance Company and Redland Insurance Company.
FinCor, Washington Casualty
Lansing, Mich.-based FinCor Holdings Inc. acquired Issaquah, Wash.-based medical malpractice insurer, Washington Casualty Company.
FinCor paid $9.8 million in cash for WCC, Washington’s fourth-largest medical malpractice insurer. FinCor said the transaction represents an important advance in its business toward a consultative service model, offering hospitals and health care providers risk financing programs, risk management solutions, and comprehensive insurance coverage. With the addition of WCC, FinCor will provide insurance services in 12 states.
Arthur J. Gallagher, Mich. Rains Group
Itasca, Ill.-based Arthur J. Gallagher & Co. acquired The Rains Group Inc. of Bingham Farms, Mich. Terms of the transaction were not disclosed. Principals Gordon Rains and Bryan Hirn and their associates will continue to operate at their current location under the direction of William Ziebell, executive vice president and North Central Regional manager of Gallagher Benefit Services Inc., a subsidiary of Arthur J. Gallagher & Co.
Guaranty Insurance, South Valley Insurance
Guaranty Insurance Ser-vices Inc. acquired South Valley Insurance of Bakers-field, Calif.
South Valley Insurance (SVI) will operate as a division of Walter Mortensen Insurance, Guaranty Insur-ance’s affiliate operation in the Central Valley area. SVI has six employees and annual revenues of $1.5 million.
Guaranty Insurance Services Inc. is a member of the Guaranty Financial Services family of companies, which includes Guaranty Bank. With assets of more than $17 billion, Guaranty Bank operates a network of banking centers throughout Texas and California. Guaranty Financial Services is a wholly owned subsidiary of Temple-Inland Inc.
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