Church Mutual Insurance Company, a Merrill, Wisconsin-based insurer of religious organizations, announced that it has completed on June 1 its acquisition of School Boards Insurance Company of Pennsylvania Inc. (SBIC) and School Claims Services (SCS). SBIC and SCS were previously owned by the Pennsylvania School Boards Association (PSBA).
The acquisition allows SBIC, SCS and Church Mutual to deepen their financial strength, expertise and commitments to their communities, Church Mutual said in the announcement.
Church Mutual had announced in October 2015 its intent to acquire SBIC and SCS, both based in Mechanicsburg, Pennsylvania, to expand its reach in the public schools market.
SBIC writes specifically tailored types of coverage — including property, general liability, boiler and machinery, commercial auto, errors and omissions (school leaders legal liability), excess liability and workers’ compensation — to meet the needs of its Pennsylvania public schools policyholder base.
SCS provides third-party claims administration and risk management services, as well as employee benefits programs and marketing.
Joining with a national insurance company licensed in all 50 states gives SBIC and SCS the opportunity to expand beyond Pennsylvania, mitigating the geographic concentration risk for their customers and the company.
The acquisition also allows Church Mutual to diversify its holdings and continue to grow and PSBA to concentrate on its mission of providing tools, training and advocacy to its elected school board membership.
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