LANSING, Mich. – Auto-Owners Insurance is pleased to announce the acquisition of Atlantic Casualty Insurance Company, a highly rated excess and surplus lines company located in Goldsboro, North Carolina.
“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 as well as the possibilities this transaction provides to our agents, their customers and our company,” said Jeff Harrold, Chairman and CEO, about the new addition to the Auto-Owners family. “While already a leader in their field, our combined resources significantly expand the potential and growth opportunities for Atlantic Casualty and the managing general agencies they serve and for the first time, Auto-Owners will be able to offer surplus lines as part of our package of coverages.”
Atlantic Casualty is an A.M. Best A- rated excess and surplus lines insurer that operates in 48 states through a network of wholesale agencies. By acquiring Atlantic Casualty, Auto-Owners will now have access to expertise, enabling us to provide excess and surplus lines coverage. In the near future, a separate company, Auto-Owners Specialty Insurance Company will be established to meet this need. Atlantic Casualty will have additional financial resources to expand their offerings through their long-term relationships with their managing general agencies.
Excess and surplus lines of insurance generally provide insurance coverage for risks that are too high for regular insurance carriers to take on. Examples could be high valued properties, unique contracting operations, or limited experience businesses. This will allow Auto-Owners the opportunity to provide hard-to-find coverage for higher risk clients.
Auto-Owners Insurance is excited about the future with Atlantic Casualty Insurance Company, and looks forward to expanding both companies and improving options for insurance nationwide. The acquisition is subject to customary closing conditions, including receipt of regulatory approvals, and is expected to close in the fourth quarter of 2015.
Auto-Owners Insurance began in 1916 and provides auto, home, business and life insurance in 26 states through over 6,200 agency partners. They have been a Fortune 500 company for the past 13 years, and received the highest rating afforded insurance companies by A.M. Best for the past 44 years. Auto-Owners Insurance has been recognized numerous times for their high service standards and customer satisfaction by national organizations who rate companies based on customer surveys.