Ohio Mutual Insurance Group has reached an agreement to buy N.E. Corp. and Casco Indemnity Co., a property and casualty insurer in Saco, Maine.
The deal was struck Nov. 1 and the transaction is expected to be completed by the end of the year.
N.E. Corp. is a holding company jointly owned by the Hingham Group and Phoenix Mutual Fire Insurance Co.
Casco was formed in 1985 by a consortium of seven New England insurers. It offers commercial auto, personal auto and personal umbrella insurance in six states through a network of 140 independent agents.
The company had $17.4 million in direct written premium in 2009, and reported a statutory surplus of $8.8 million at the end of 2009.
Completion of the transaction is contingent upon receiving approval from the Maine Bureau of Insurance and Ohio Department of Insurance. Under terms of the acquisition, the assets and liabilities of N.E. Corp./ Casco would be pooled with the other companies in the Ohio Mutual Insurance Group beginning in 2011.
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