Financial Services Industry
Industry: Email Alert RSS FeedGEICO to buy agent-owned carrier. (Southern Heritage Insurance Co.)
National Underwriter Property & Casualty-Risk & Benefits Management, November, 1990 by Knowles, Robert G.
GEICO To Buy Agent-Owned Carrier The board of directors of a fast-growing $4 million regional property-casualty insurer chartered six years ago by a handful of Georgia independent agents has tentatively accepted a $16.6 million purchase offer from Washington, D.C.-based GEICO Corp. The carrier being sold is Atlanta-based Southern Heritage Ins.
Co., which writes personal lines coverages through independent agents in Georgia, Alabama and Virginia. Chartered in 1984, Southern Heritage achieved a premium growth rate of about 50 percent a year during 1988 and 1989. Net written premiums for Southern Heritage as of June 30, 1990, totaled $3.879 million. For the past five years, the company has kept its underwriting losses below 62 percent of its net annual...
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