Michigan company acquiring Atlantic Casualty Insurance
By From staff reports
Published in News on August 30, 2015 1:50 AM
Strickland Insurance Group has reached an agreement for Atlantic Casualty Insurance Co. to be acquired by Auto-Owners Insurance Group of Lansing, Mich.
The transaction will not affect any local employees and the Strickland name will remain on the local business, said Bobby Strickland, chairman and CEO of Atlantic Casualty.
"We are excited to be a part of the Auto-Owners Group as we look to expand our commercial insurance products operations," he said. "Auto-Owners Insurance Group is well-established and a very successful operation with strong financials and a proven management team. Their experience will be key, as together we work to expand our commercial insurance products offerings for our Managing General Agency partners.
"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."
Strickland Insurance Group formed Atlantic Casualty in 1983 and currently has offices in Goldsboro; Scottsdale, Ariz; Hartford, Conn.; and Philadelphia. Atlantic Casualty operates in 48 states, writing commercial general liability, property, package, inland marine, commercial automobile and boiler and machinery insurance, in both admitted and non-admitted markets.
"Atlantic Casualty is a great company and we are extremely excited about the combination of capabilities our companies bring to the growth potential of Atlantic Casualty," said Jeff Harrold, chairman and CEO of Auto-Owners. "We fully expect the premium written by the MGA's to increase going forward, and we will support Atlantic Casualty and their agents in their efforts to make this happen by offering expanded products and capacity.
The acquisition is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to close in the fourth quarter of 2015.
Auto-Owners Insurance has been providing auto, home, life and business insurance since 1916 and operates in 26 states. The company has bee a Fortune 500 company for the past 13 years and has received the highest rating afford insurance companies by A.M. Best for the past 44 years.