Ohio Mutual Insurance Group (OMIG) has reached an agreement to acquire N.E. Corp. and its wholly-owned subsidiary Casco Indemnity Co., a property and casualty insurer located in Saco, Maine. The transaction is expected to be completed by the end of the year.
OMIG President and CEO Jim Kennedy said the acquisition is the “largest and first out-of-state acquisition in the company’s 109-year history.”
N.E. Corp. is a holding company jointly owned by the Hingham Group, headquartered in Hingham, Mass., and Phenix Mutual Fire Insurance Co., headquartered in Concord, N.H.
Casco Indemnity was formed in 1985 by a consortium of seven New England insurers, and currently offers commercial auto, personal auto, and personal umbrella insurance in six states – Maine, Rhode Island, Connecticut, Vermont, New Hampshire and South Carolina – through a network of 140 independent agents.
The company had $17.4 million in direct written premium in 2009, reported a statutory surplus of $8.8 million at the end of 2009, and currently holds a “B+” rating from A.M. Best Co. The company currently has 23 associates.
Completion of the transaction is contingent upon receiving approval from the Maine Bureau of Insurance and Ohio Department of Insurance. Under terms of the acquisition, the assets and liabilities of N.E. Corp. / Casco would be pooled with the other companies in the Ohio Mutual Insurance Group beginning in 2011.
Ohio Mutual Insurance Group, founded in 1901 and based in Bucyrus, Ohio, partners with nearly 300 independent agencies to distribute quality property and casualty insurance products throughout Ohio, Connecticut, Indiana, and Rhode Island. It has maintained a rating of “A / Stable” from A.M. Best Co. for 18 consecutive years.
Source: Ohio Mutual Insurance Group
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