Enumclaw Insurance Group said it has acquired Las Vegas-based Chicago-Vegas Holding Co., owners of Nevada General Insurance Company (NGIC) and Auto Insurance America Insurance Agency (AIC).
Financial terms of the transaction were not released.
The acquisition is expected to be completed by the end of the year, Enumclaw said in a statement, and is still subject to regulatory approval.
AIC was incorporated in Nevada in 1972 by Robert B. Feldman. It is a retail sales-service insurance agency and exclusive producer of 100 percent of all business for Nevada General Insurance Company. AIC has 15 sales offices in Nevada and New Mexico.
NGIC was formed in 1993 by Mr. Feldman. NGIC writes "non-standard" auto insurance in Nevada, New Mexico and Arizona. According to Highline Data, a Summit Business Media Co. that also owns National Underwriter, NGIC reported direct written premium of more than $14 million in 2009.
Mr. Feldman, the current president of NGIC and AIC, will retire upon the closing of the sale.
Executive Vice President James Schallert will assume the title of president. He has more than 39 years of experience in the insurance industry.
Enumclaw Insurance Group is headquartered in Enumclaw, Wash., and is a super-regional property and casualty insurance group writing more than $320 million in direct premium with more than $600 million in assets and operating in four states.
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