Business Moves
North Pointe, Capital City Holding Co.
Mich.-based North Pointe Holdings Corp. announced that it has entered into a purchase agreement to acquire all of Capital City Holding Co. Inc.’s outstanding stock.
In addition, the purchase of this property and casualty insurance holding company located in South Carolina will include Davis-Garvin Holdings Inc., Capital Excess & Surplus Brokers Inc., Southeastern Claims Services Inc., Safeco Products Inc. and certain affiliates. Capital City Holding Co. Inc. owns Capital City Insurance Co., a South Carolina property and casualty insurance company that specializes in workers’ compensation and other commercial specialty coverages for the forestry industry and other “main street” commercial risks. The Capital City companies offer property and casualty insurance generally to individuals and small-to- medium-sized businesses in the Southeast, and perform insurance agency and other ancillary services in connection with their insurance activities.
The purchase price for the Capital City entities is expected to be approximately $41 million. The acquisition of the Capital City entities is subject to obtaining regulatory approval.
Source: North Pointe Holdings Corp.
Arthur J. Gallagher, Ill. Tropp & Co.
Arthur J. Gallagher & Co. recently announced the acquisition of Tropp & Co., headquartered in Lake Forest, Ill. Terms of the transaction were not disclosed.
Tropp & Co. is a retail insurance broker offering risk management, commercial property, casualty and employee benefits insurance services to an international client base. It specializes in insurance products for venture capital and private equity firms; high net worth individuals; and railroad, manufacturing, aviation and construction industries. With the exception of its Mendota, Ill., operations, which will continue at its present location, all Tropp & Co. employees will relocate to Gallagher’s offices in Itasca, Ill.
Source: Arthur J. Gallagher & Co.
Oak Hill Financial, Meeker & Meeker
Oak Hill Financial Inc. announced that its insurance affiliate, Oak Hill Financial Insurance Agency Inc. has acquired the assets of Meeker & Meeker Inc., a privately held insurance agency located in Franklin, Ohio. The all-cash transaction closed on April 16, 2007.
Meeker & Meeker specializes in commercial and personal property and casualty insurance. Founded in 1884, the agency serves the insurance needs of more than 1,200 businesses, families and individuals in Southwestern Ohio, according to a company statement.
Oak Hill Financial Insurance Agency will continue to use the Meeker & Meeker name in its local market areas. Fred Farmer, president and CEO of Meeker & Meeker, has become a senior vice president of Oak Hill Financial Insurance and will oversee all of Oak Hill’s commercial insurance lines.
Oak Hill Financial expects the transaction to be immediately accretive to earnings per share. “At Meeker & Meeker’s current production levels, we expect that this transaction will add about $0.01 per share annually to our earnings,” Coffman stated. Coffman explained that the Meeker & Meeker acquisition is part of Oak Hill Financial’s long-term strategy. One of its long-term goals is diversification of revenues within the financial services industry, Coffman explained, and added that company -targeted insurance services is a key growth area.
Source: Oak Hill Financial Inc.
OneBeacon, Hagerty Insurance
OneBeacon Insurance Group, Michigan-based Hagerty Insurance Agency and Hagerty Classic Marine Insurance Agency announced a partnership to provide property and casualty products to the specialized car and boat collector markets. With the agreement, Hagerty will offer its customers access to OneBeacon’s products and services.
Hagerty has been providing a network of specialized services for collector car and wooden boat enthusiasts for nearly 25 years.
OneBeacon offers a range of personal insurance products and also specializes in serving niche customer groups with tailored products and services.
Through the alliance, Hagerty will continue its emphasis on providing tailored coverages for collectible automobiles and wooden boats. The ownership of both Hagerty agencies will remain unchanged and privately owned. Hagerty Insurance Agency and Hagerty Classic Marine Insurance Agency will be immediately appointed to represent OneBeacon to its customers.
Massachusetts-based OneBeacon Insurance Group is one of the oldest property and casualty insurers in the United States, and offers specialty and segmented commercial and personal insurance products through its underwriting companies, sold primarily through select independent agents. Hagerty is headquartered in Traverse City, Mich.
Source: OneBeacon Insurance; Hagerty Insurance.