Western National Insurance Group (WNIG) of Edina, Minn. has agreed to purchase 100 percent of the stock of Arizona Auto Insurance Co. and Legacy Insurance Services, both headquartered in Phoenix.
The purchase has been approved by the board of directors of each company, and is subject only to the completion of due diligence and the approval of regulatory authorities. A final closing is expected before year-end.
Legacy was formed in 1997, and Arizona Automobile Insurance Co. (AAIC) in 2003, with both companies specializing in personal lines nonstandard auto insurance. The principals of Legacy/AAIC have been involved in the nonstandard auto insurance industry since 1988 and will continue to be involved after the closing. Arizona Auto is licensed in seven western states, and will have access to the additional licenses of WNIG.
Western National Insurance Group, headquartered in Edina, Minn., is a super-regional property/casualty insurance group writing more than $240 million in direct premium in 10 states. The group consists of five active companies (Western National Mutual Insurance Co., Western National Assurance Co., Pioneer Specialty Insurance Co., Titan Property & Casualty Insurance Co., and Wisconsin American Mutual Insurance Co.) serving personal and commercial customers in the Midwestern, Northwestern, and Southwestern U.S. All of the group’s products are sold exclusively through professional independent agents.
Philo Smith served as sole financial advisor to AAIC and Legacy on the transaction.
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