Access Insurance Buys Century American
By Mark E. Ruquet
NU Online News Service, Jan. 25, 10:49 a.m. EST?Access Insurance Holdings Inc. said it has acquired Austin, Texas-based insurance company Century American Casualty Company to begin underwriting in 14 states, with plans to eventually expand from there.[@@]
Dan Lazarek, chief financial officer for Atlanta-based Access, said American Casualty was an inactive company, also known as Physicians Insurance Company of Wisconsin.
According to Highline Media Data Service, Century American, founded in 1946, was a writer of surety business through 2003.
Mr. Lazarek said Access, a managing general agency, plans to change the name of Century American to Access Insurance Company. The acquisition will increase the number of states the MGA does business in from seven to 14.
The company now does business in California, Texas, Oklahoma, Missouri, Arkansas, Mississippi, Kentucky, Tennessee, Alabama, North Carolina, South Carolina, Georgia, Florida, and Pennsylvania.
Access' product line is private passenger auto and homeowners insurance on the primary level.
"We will be taking a share of risk and this will be a platform for growing our relationships with our carrier partners," said Mr. Lazarek, adding that Access has plans to expand into other states after the acquisition is completed.
Asked when the deal would be completed, he said "very soon."
In addition to the insurance company, Access operates five managing general agencies and four insurance service companies that provide claims administration and management, consulting and actuarial services, and financing for property-casualty products.
Access said it has nearly tripled revenues since 2001, growing from $50 million to more than $139 million in 2003.
"In our 10-year history, we have continued to look for ways to evolve and grow our business," said Michael McMenamin, Access' chief executive officer, in a statement. "By adding an insurance company to our business, we now have greater flexibility to design and underwrite our own insurance programs as well as continue to develop, grow and service programs with our insurance and reinsurance partners."
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