Columbia Insurance Group of Columbia, Mo., said it has entered into an agreement with Atlantic American Corporation of Atlanta to acquire two of its insurance company holdings.
Columbia Insurance said it plans to acquire Austin, Texas-based, Association Casualty Insurance Company and Atlanta based Georgia Casualty and Surety Company. Terms of the deal were not released.
Columbia said the acquisitions are anticipated to close during the first quarter of 2008 and are subject to regulatory approval.
Association Casualty and Georgia Casualty target small and middle market commercial accounts throughout the South Central and Southeastern United States. Products are distributed through an established network of independent agents with estimated gross written premiums of $50 million in 2007. The companies are licensed in 14 states.
Columbia Insurance Group is a regional multi-line insurance carrier marketing its products through a network of approximately 650 independent agencies in the Midwest and Southeastern United States. Gross written premiums in 2007 are estimated at $220 million with total assets of approximately $400 million.
Atlantic American exists as an insurance holding company involved through its subsidiary companies in specialty markets of life, health, property and casualty insurance industries.
A.M. Best today said it is placing Georgia Casualty insurer financial strength rating of "B-plus (Good)" under review with positive implications.
(This story was updated at 11:10 a.m.)
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