Titan Acquires Eastwood Insurance

May 24, 2007

THI Holdings (Delaware) Inc., a Nationwide company, through one of its agency subsidiaries, has acquired Anaheim Hills, Calif.-based Eastwood Insurance Services Inc. The assets of Eastwood totaled $217 million. Financials for the transaction were not disclosed.

Eastwood Insurance operates 47 multi-line agencies in California, Texas, Florida, Arizona and Nevada, and approximately 420 employees, that specialize in specialty auto insurance sales. The company also offers homeowner, motorcycle, RV and commercial coverage.

Titan’s agency subsidiaries are made up of 137 locations in nine states: Ohio, Indiana, Florida, Texas, New Mexico, Colorado, Arizona, Nevada and California. Titan said it plans to expand into new states as the company continues to grow.

Based in Cleveland, Titan focuses on the specialty auto insurance business and has roughly $280 million in net premiums written. This is Titan’s largest acquisition to date.

“We’re committed to investing and growing our business, so we believe this agreement is in our best long-term interest,” said Judi Partridge, owner and CEO of Eastwood. “Together, Titan and Eastwood Insurance can set a course to become the No. 1 specialty insurance provider in the country.”

Stu Willner, vice president of Titan, said the acquisition will allow his company to add to its customer base, premium growth and expertise “in target geographic markets.”

Titan and its affiliated companies have approximately $2 billion in net premiums written.

Source: Nationwide

Topics Mergers

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