Reno, Nev.-based Employers Holdings Inc., a Nevada-based company whose subsidiaries are specialty providers of workers’ compensation insurance specializing in small businesses, has acquired AmCOMP Inc. in a transaction valued at approximately $223.5 million, including the assumption of approximately $35.1 million in debt.
The acquisition expands Employers workers’ compensation insurance operations to 29 states and 17 branch offices. Under the terms of the merger, holders of AmCOMP’s approximately 15 million common shares received $12.15 in cash for each share. Employers financed the purchase price through a combination of cash and debt.
“This acquisition accelerates our expansion strategy and will diversify and increase our existing premium base,” said Douglas D. Dirks, Employers president and CEO.
Business operations at Employers have historically been focused in the West, while AmCOMP’s focus has been in the Southeast and Midwest.
Employers Holdings, Inc. is a holding company with subsidiaries that are specialty providers of workers’ compensation insurance. Following the acquisition, the company’s insurance subsidiaries now include Employers Insurance Company of Nevada and Employers Compensation Insurance Co., AmCOMP Preferred Insurance Co. and AmCOMP Assurance Corp.
For information, visit http://www.employers.com/.
Source: Employers
Topics Mergers & Acquisitions Commercial Lines Workers' Compensation Business Insurance
Was this article valuable?
Here are more articles you may enjoy.
Florida’s Unemployment Rate Is Surging Even as High-Profile Companies Move In 
Need Wind Mitigation? New Florida Insurer Wants to Help With That 
‘We’ll Want Some Proof’: State Farm CEO’s Take on NY Auto Insurance Reforms 
KPMG Australia Scandal Widens After it Confirms Optus Data Was Misused 
