Enumclaw Insurance Group of Enumclaw, Wash.,announced the signing of a definitive agreement to purchase 100 percent of the stock of Chicago-Vegas Holding Co., which owns Nevada General Insurance Co. (NGIC) and Auto Insurance America Insurance Agency (AIC). Both Nevada General and Auto Insurance America are headquartered in Las Vegas.
The purchase has been approved by the board of trustees of Mutual of Enumclaw Insurance Co. and the board of directors of Chicago-Vegas Holding Co., and is subject only to the approval of regulatory authorities. A final closing is expected prior to year end.
Auto Insurance America was incorporated in Nevada in 1972 by Robert B. Feldman. AIC is a retail sales/service insurance agency and exclusive producer of 100 percent of all business for Nevada General Insurance Co. AIC has 15 sales offices in Nevada and New Mexico.
Nevada General Insurance Co. was formed in 1993 by Robert B. Feldman. NGIC writes nonstandard auto insurance in Nevada, New Mexico and Arizona. NGIC is rated “A” “Excellent” by AM Best.
Current president of NGIC and AIC, Robert B. Feldman, will retire upon the closing of the sale. Current executive vice president, James Schallert, will assume the title of president. Schallert has more than 39 years experience in the insurance industry.
Current President Robert Feldman commented “After running this company for 37 years it is time for me to retire and I believe this is an excellent match for the two organizations. I am pleased that James Schallert will be replacing me as I have known him for more than 25 years and can think of no one more qualified.”
Enumclaw Insurance Group is a super-regional property and casualty insurance group writing more than $320 million in direct premium with more than $600 million in assets and operating in four states. The group consists of Mutual of Enumclaw Insurance Co. and Enumclaw Property and Casualty Insurance Co., and writes preferred personal, commercial and farm lines of business sold exclusively through independent agents.
Philo Smith & Co. served as Chicago-Vegas Holding Company’s financial advisor.
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