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/.
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