Strickland Insurance Group, Inc. has reached a definitive agreement for Atlantic Casualty Insurance Co., based in Goldsboro, N.C., to be acquired by Auto-Owners Insurance Group of Lansing, Mich.
According to Bobby Strickland, chairman and CEO of Atlantic Casualty Insurance Co., the acquisition will enable the company to expand its E&S offerings for its managing general agency (MGA) partners.
Strickland added that, “We remain committed to our MGA partners and this acquisition will support our ability to handle more of the needs of our agency partners. Our management team, staff and locations will remain as we prepare to grow our business.”
Jeff Harrold, chairman and CEO of Auto-Owners, said the company expects premium written by the MGA’s to increase going forward, and will support Atlantic Casualty and their agents with expanded products and capacity.
This acquisition is subject to customary closing conditions, including receipt of regulatory approvals, and is expected to close in the fourth quarter of 2015.
Strickland Insurance Group formed Atlantic Casualty in 1983 and currently has offices in Goldsboro; Scottsdale, Ariz.; Hartford, Conn.; and Philadelphia, Pa. Atlantic Casualty operates in 48 states, writing commercial general liability, property, package, inland marine, commercial automobile and boiler & machinery, in both admitted and non-admitted markets.
Auto-Owners Insurance has been providing auto, home, life and business insurance since 1916 and operates in 26 states.
Topics Mergers & Acquisitions Auto Insurance Wholesale Casualty
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