Utica National Insurance Group finalized its purchase of Des Plaines, Ill.-based Founders Insurance Co. Utica officials announced that all regulatory approvals have been received, and all documents relating to the sale have been signed.
In the agreement, Utica Mutual, principal member company of the Utica National Insurance Group, has acquired Nationwide Holdings Inc., the holding company for Founders Insurance Co. and Founders Insurance Company of Michigan. Terms of the sale were not disclosed.
Founders has annual written premium of approximately $115 million in 47 states and the District of Columbia, and is rated “A-” or “Excellent” by A.M. Best Co. The Utica National companies have annual sales of over $600 million and are also rated “A-” or “Excellent” by A.M. Best.
Founders has 200 employees, and specializes in writing non-standard personal automobile coverages, physical damage and liability, liquor liability and general liability coverages, and some other commercial coverages.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access