Atlantic American Sells its Regional Property and Casualty Operations

Atlanta-based Atlantic American Corp. sold its regional property and casualty operations to Columbia Mutual Insurance Co. of Columbia, Mo.

Included in the sale are Association Casualty Insurance Co,, Association Risk Management General Agency Inc., and Georgia Casualty & Surety Co.

The sale was originally announced on December 27, 2007.

At the same time, the Company announced net income of $7.3 million for 2007, compared to $8.9 million for 2006.

Total revenue for 2007 was $123 million, a 1.9 percent decline from 2006 total revenue of $125.4 million.

Premiums during 2007 decreased $11.8 million, or 10.7 percent, to $97.8 million from 2006 premiums of $109.6 million.

Source: Atlantic American Corp.

Topics Mergers & Acquisitions Property Property Casualty Casualty