Anchor Insurance to Acquire Southeast Surplus Underwriters and Affiliates

Anchor Insurance Holdings is purchasing Beaumont, Texas-based Southeast Surplus Underwriters General Agency, Spindletop Premium Finance, and Ranchers and Farmers Insurance Co. from Mirage Interest Inc., the companies reported.

According to information posted on its website, Mirage Interest is a descendant business of a retail insurance agency founded by T. E. Moor in 1942.

Current Mirage Chairman Ted E. Moor, Jr. joined his father in the T. E. Moor & Co. agency 1957.

Day to day operations of the companies in their Beaumont location will remain the same. The sale is expected to close before the end of the year.

Anchor Insurance was recently founded by a team of experienced insurance professionals. Its executive team includes President Mitch Sattler and Chief Financial Officer Jennifer Pintacuda.

Pintacuda, stated that with the capital infusion provided by Anchor, “we will double the insurance company surplus, allowing us to grow and deliver on the plans we have made. This extra capital will also provide us with significant reinsurance buying power we need to protect the company and meet our claims obligations while we expand and add capacity.”

Topics Mergers & Acquisitions Excess Surplus Underwriting