State Automobile Mutual Insurance Company, based in Columbus, Ohio, said it has agreed to acquire the Beacon Insurance Group, headquartered in Wichita Falls, Texas. Terms of the deal were not released.
The Beacon Insurance Group writes approximately $50 million in direct written premium through more than 300 independent agents in Arkansas and Texas, State Automobile said. With the acquisition, Texas will become State Auto's 29th state of operation, the company added.
The deal is expected to be completed in the first quarter of 2007, subject to regulatory approval.
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