Companion Property & Casualty Acquires Mississippi Insurance Company
October 15, 2008
COLUMBIA, SC – October 15, 2008 – Companion Property & Casualty Insurance Group, a multi-line insurance company licensed in 47 states, announced today that it has acquired all of the insurance and insurance-related service operations of AmFed Holding Company Inc., the largest workers’ compensation insurance and self-insurance administration company in Mississippi.
The acquisition by Columbia, S.C.-based Companion Property & Casualty includes AmFed National Insurance Company and AmFed Casualty Insurance Company, along with operating entities AmFed Companies, LLC and AmFed Insurance Services, LLC.
AmFed President and CEO John W. Billy Roberts will continue leading AmFed, and AmFed’s 98 employees will remain in place to expand AmFed’s product offerings. Financial terms of the deal were not disclosed.
Companion Property & Casualty’s strong financial rating and experience with multi-line products will give AmFed the ability to provide other insurance products for existing accounts and to write business in states other than Mississippi, and build on the success it already enjoys, Companion Property & Casualty President Charles Potok said.
Companion Property & Casualty has a financial strength rating of A (Excellent) from A.M. Best Co.
The Companion Property & Casualty staff and the excellent team at AmFed will share knowledge and resources to better serve existing customers and expand our products and services to new clients, Potok said. This is an excellent fit because the two companies are so similar. The core value of both cultures is the importance of people. AmFed, like Companion, is diversified with both insurance and fee-for-service businesses. Also, just as Companion started with a workers’ compensation insurance base and expanded into a multi-line, full-service commercial lines carrier, we have similar goals for AmFed.
AmFed’s Roberts said, AmFed and its employees are excited to be a part of a company with the financial strength of Companion Property & Casualty. We have been searching for a capital partner with the strength and experience to help us expand our service area and offer more companies innovative ways to meet their insurance needs.
About Companion Property & Casualty
Headquartered in Columbia, S.C., Companion Property & Casualty Insurance Group (www.CompanionGroup.com) is a national leader in property and casualty insurance and services. The company offers workers’ compensation insurance, a variety of commercial package policies, commercial auto insurance, commercial property and commercial liability policies, third-party administration services (for workers’ compensation, liability and property coverages), and insurance for residential condominiums. Companion Property & Casualty does business in 47 states through a network of independent agents, brokers and business partners.
About AmFed
AmFed (www.AmFed.com) is a leading insurance solution provider in Mississippi. Based in Ridgeland, Miss., AmFed was founded by John W. Billy
Roberts in 1992 as a servicing carrier for the Mississippi Workers’
Compensation Assigned Risk Plan. AmFed continues to be Mississippi’s first choice for workers’ compensation coverage and third-party administration services. AmFed administers more than $75 million in annual premiums in Mississippi.
