BUCYRUS, OH – Having received final approval from insurance regulators in Ohio and Maine, Ohio Mutual Insurance Group (OMIG) today confirmed that its previously-announced acquisition of Maine-based Casco Indemnity Company has been completed. Agreement on terms between the parties was concluded on November 1, and the transaction officially closed on January 1.
“With the beginning of a new year we also recognize the beginning of a new era for Ohio Mutual and Casco Indemnity,” said Jim Kennedy, OMIG President and CEO. “The past few months have been full of analysis, planning, and anticipation – now we can begin to execute our plans and create a company that further strengthens the financial security of all our policyholders.”
Casco Indemnity will be operated as a wholly-owned subsidiary of Ohio Mutual Insurance Group, maintaining the current Casco facility in Saco, Maine. Regional Casco operations will be supervised by Casco associate Jack Donilon, named Regional Assistant Vice President, who will report to Randy O’Conner, Vice President of Underwriting and Sales for Ohio Mutual. Casco claims operations will be supervised by Claims Manager Dave Hardy, who will report to Ohio Mutual Vice President of Claims Mike Brogan.
Former Casco President Bill Swetland has elected to retire and focus his energies on other personal and professional interests. “Those of us entrusted with the next chapter in Casco’s story are deeply appreciative of the sound insight and stewardship Bill demonstrated through this transition,” said Kennedy. “His care for this organization – its associates, agents, and policyholders – has been clearly evident.”
“In addition, I’d like to express thanks to the state regulators in both Ohio and Maine, who were diligent in their review of this transaction, while fully understanding our desire to complete the transaction by year-end,” Kennedy added.
Casco Indemnity Company was formed in 1985 by a consortium of seven New England insurers, and currently offers commercial auto, personal auto, and personal umbrella insurance in six states (ME, RI, CT, VT, NH, SC) through a network of 140 independent agents, supported by about 20 associates based in Saco, ME. The company had $17.4 million in direct written premium in 2009, reported a statutory surplus of $8.8 million at the end of 2009, and at year-end 2010 held a B+ rating from A.M. Best Co.
Ohio Mutual Insurance Group, founded in 1901 and based in Bucyrus, OH, has partnered with nearly 300 independent agencies to distribute quality property and casualty insurance products throughout Ohio, Connecticut, Indiana, and Rhode Island. It has maintained a rating of “A / Stable” from A.M. Best Co. for 18 consecutive years. In 2009, Ohio Mutual was honored with the National Company Award of Excellence by the nation’s largest association of independent insurance agents, and was recognized in 2009 & 2010 as one of the Ward’s 50 top insurance companies in the United States. Additional company information is available at www.omig.com.
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