Unitrin, Inc. reported that it has completed its previously announced acquisition of Primesco, Inc. of Decatur, Alabama, in a cash merger transaction valued at $95.6 million.
Primesco’s wholly-owned subsidiaries, Mutual Savings Life Insurance Co. and Mutual Savings Fire Insurance Co., specialize in the sale of life, health and fire insurance products to persons of modest financial means in Alabama, Georgia, Mississippi and several other states in the Southeast. Like Unitrin’s Career Agency companies, Mutual Savings and Mutual Savings Fire employ a network of employee agents who call on customers in their homes to sell and service products and collect premiums. For the year ended December 31, 2007, Mutual Savings and Mutual Savings Fire had total premium revenues of approximately $52.6 million.
Unitrin is a $3 billion financial services company. Among the brands in Unitrin’s property and casualty insurance business are Kemper1, Unitrin Specialty and Unitrin Business Insurance, which sells through networks of independent agents, and Unitrin Direct, which sells auto insurance directly to consumers. Unitrin also has life and health insurance businesses and an automobile finance subsidiary, Fireside Bank.
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