San Francisco - Mergers and acquisitions have become the norm in the insurance industry, and two recent acquisitions prove this. More than a month after Boston-based Liberty Mutual Group announced its acquisition of Fairfield, Ohio-based Ohio Casualty Corp. for $44 per share in cash, Wells Fargo Insurance Services Inc., a subsidiary of San Francisco-based Wells Fargo & Co., announces it will acquire Universal Insurance Services Inc., Grand Rapids, Mich. The acquisition is expected to close July 1, 2007, according to Wells Fargo.
In other acquisition news, The Hanover Insurance Group Inc., Worcester, Mass., will acquire Professionals Direct Inc., a professional liability insurer, for $23.2 million. Professionals Direct is the Michigan-based holding company for the Professionals Direct organization, a provider of professional liability insurance for small and mid-sized law practices in 36 states. Through its various subsidiaries, the company generates annual written premium of approximately $30 million. The transaction is expected to close in the fourth quarter.
Sources: The Hanover Insurance Group, Insurance Services Inc. and INN archives
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