Acceptance Sells P/C Business to Hannover Re Division

March 5, 2001

Acceptance Insurance Cos. Inc. of Omaha, continuing to exit its property and casualty businesses, announced Friday it has sold a majority of that operation to Insurance Corp. of Hannover, a division of Hannover Re.

In a press release, John E. Martin, Acceptance president and chief executive officer, said the sale was part of a “a logical progression” in Acceptance’s strategy to increase its focus on crop insurance. Acceptance sells crop insurance through American Agrisurance, a wholly owned subsidiary based in Council Bluffs.

The book of business sold to Hannover includes program business, including programs for temp agencies and small construction equipment. Last spring, Acceptance sold Redland Insurance Co. to Clarendon Insurance Group, another unit of Hannover Re.

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