Employers Holdings, AmCOMP
Reno, Nev.-based Employers Holdings Inc., whose subsidiaries are specialty providers of workers’ compensation insurance specializing in small businesses, acquired AmCOMP Inc. in a transaction valued at approximately $223.5 million, including the assumption of approximately $35.1 million in debt.
The acquisition expands Employers workers’ compensation insurance operations to 29 states and 17 branch offices. Under the terms of the merger, holders of AmCOMP’s approximately 15 million common shares received $12.15 in cash for each share. Employers financed the purchase price through a combination of cash and debt.
“This acquisition accelerates our expansion strategy and will diversify and increase our existing premium base,” said Douglas D. Dirks, Employers president and CEO.
Business operations at Employers have historically been focused in the West, while AmCOMP’s focus has been in the Southeast and Midwest.
Following the acquisition, Employer’s insurance subsidiaries now include Employers Insurance Company of Nevada and Employers Compensation Insurance Co., AmCOMP Preferred Insurance Co. and AmCOMP Assurance Corp.
For information, visit www.employers.com.
California State Fund
California’s State Compensation Insurance Fund has opened a new green campus in Vacaville, Calif. The new facility houses 750 employees and expects to earn the campus a Silver U.S. Green Building Council Leadership in Energy and Environmental Design (LEED) certification in early 2009, based on its construction with sustainable resources and innovative technology.
“The construction of a green facility is one step in State Fund’s larger effort to implement cost-effective technologies to help us reduce energy consumption, shrink our carbon footprint, and introduce more environmentally friendly practices into the workplace,” said State Fund President Jan Frank.
In addition to reducing waste by using recycled building materials, State Fund diverted 75 percent of construction waste away from landfills. The building’s water consumption was reduced by more than 40 percent through the use of low flow toilets and other technologies. The building’s energy performance is more than an 18 percent improvement over Title 24, California’s energy efficiency standards for residential and non-residential buildings.
Other highlights of the campus include:
- 300kW renewable photovoltaic panels;
- Low-emitting materials, such as adhesives, sealants, paints, carpet and wood;
- Energy efficient light fixtures and lamps throughout 80 percent of the campus, as well as energy efficient HVAC and electrical equipment; and
- Server virtualization technology.
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