Mass. Hearing Today on Sale of American Employers’ Insurance

July 17, 2007

Massachusetts insurance regulatory officials have scheduled a public hearing for today, July 17, into the proposed acquisition of American Employers’ Insurance Co. by SPARTA Insurance Holdings, Inc.

SPARTA, a Delaware general business corporation, has proposed to acquire 100 percent of the stock of the insurer pursuant to a stock purchase agreement between Pennsylvania General Insurance Co., the seller, and its affiliate, OneBeacon Insurance Co.

According to the application, the buyer was formed to acquire and maintain an insurance company subsidiary to sell certain commercial lines insurance products including commercial automobile, general liability, property and workers compensation.

The co-applicants, which on an affiliated basis, own or will own over 10 percent of the stock, include Corsair Capital, L.L.C; Corsair III Management, L.P.; Corsair III Offshore Management, L.P.; Corsair III Financial Services Capital Partners, L.P.; and Corsair III Financial Services Offshore 892 Partners, L.P.; York Capital Management, L.P.; York Select, L.P.; York Select Unit Trust; York Investment Limited; York Select Domestic Holdings, L.L.C.; York Select Offshore Holdings, L.L.C; Dinan Management, L.L.C; York Offshore Holdings Limited; MTGLQ Investors, L.P.; MLQ, L.L.C.; and The Goldman Sachs Group, Inc.

The Massachusetts Division of Insurance will conduct its public hearing at 10:00 a.m. at the Division of Insurance, 5th Floor, One South Station, Boston.

Source: Mass. Division of Insurance

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