Applied Underwriters snaps up Oklahoma firm
Applied Underwriters has announced that its subsidiary, North American Casualty Company, has completed the acquisition of Oklahoma Property and Casualty Insurance Company (OP&C), and will now affect a number of changes with respect to OP&C and the Texas Insurance Company (TIC).
OP&C and TIC are among several companies owned and operated by North American Casualty Co. in the US. The consolidations related to OP&C and TIC are the latest in a series of strategic acquisitions and key moves for Applied Underwriters and the North American Casualty group of companies.
Jamie Sahara, president of Applied Underwriters and leader of the company’s corporate development efforts, said that Applied’s plans call for repurposing TIC to expand its E&S capabilities to support Applied’s trucking programs and other divisions organized under Applied Specialty Underwriters and Applied Financial Lines.
“Parallel, we will strengthen OP&C to write admitted business in the South Central region as we dedicate TIC’s resources more profoundly in excess and surplus lines nationally,” Sahara said. “We are delighted to add OP&C to our A-rated North American Casualty Group, consisting of The California Insurance Company, Continental Indemnity Company, Illinois Insurance Company, Texas Insurance Company, Pennsylvania Insurance Company, and now, Oklahoma Property and Casualty Insurance Company.”
“We are grateful to the professionals in each enterprise and to the responsive regulators who worked with us to see these transactions to completion for the ultimate benefit of the insuring public,” said Steve Menzies, chairman of Applied Underwriters. “We plan to increase market options to offer the best coverages available.”