Ohio Mutual Completes Acquisition of Casco Indemnity

Ohio Mutual Insurance Group (OMIG) has confirmed that its previously announced acquisition of Maine-based Casco Indemnity Company is complete. The transaction officially closed on Jan. 1, 2011.

Casco Indemnity will be operated as a wholly-owned subsidiary of Ohio Mutual Insurance Group, maintaining the current Casco facility in Saco, Maine.

Regional Casco operations will be supervised by Casco associate Jack Donilon, named regional assistant vice president, who will report to Randy O’Conner, vice president of Underwriting and Sales for Ohio Mutual.

Casco claims operations will be supervised by Claims Manager Dave Hardy, who will report to Ohio Mutual Vice President of Claims Mike Brogan.

Former Casco President Bill Swetland has elected to retire and focus his energies on other personal and professional interests.

Casco Indemnity Company 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, South Carolina) through a network of 140 independent agents, supported by about 20 associates based in Saco, Maine. 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 at year-end 2010 held a B+ rating from A.M. Best Co.

Ohio Mutual Insurance Group, founded in 1901 and based in Bucyrus, Ohio, has partnered 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

Topics Mergers & Acquisitions Ohio Maine