Columbus, Ohio-based State Automobile Mutual Insurance Co. announced today that, through a wholly-owned subsidiary, it has agreed to acquire the Beacon Insurance Group, headquartered in Wichita Falls, Texas. Closing is expected in the first quarter of 2007, subject to regulatory approval.
The Beacon Insurance Group writes approximately $50 million in direct written premium through more than 300 independent agents in Arkansas and Texas. With the acquisition, Texas will become State Auto’s 29th state of operation.
“Texas is the second most populous state and fourth largest insurance market in the United States. It offers a tremendous opportunity for State Auto to grow profitably, said Robert P. Restrepo Jr., State Auto chairman, president and CEO. “The addition of Beacon to the State Auto family will provide us with a base of operations in the growing Southwest market. Our positive experience with past acquisitions makes us confident that Beacon’s policyholders, independent agency force and associates will find the transition seamless.”
The State Auto Insurance Cos. write personal and commercial insurance products through more than 22,500 independent agents associated with approximately 3,000 agencies in 28 states.
Source: State Auto Insurance Companies
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