Acceptance Sells Phoenix Indemnity.(Acceptance Insurance Companies, Inc. and Millers American Group, Inc.)(Brief Article)

National Underwriter Property & Casualty-Risk & Benefits Management, May, 1999

Acceptance Insurance Companies, Inc. and Millers American Group, Inc. announced that they have reached a definitive agreement in which Omaha, Neb.-based Acceptance will sell its nonstandard automobile business, including Phoenix Indemnity Insurance Company, to Fort Worth, Texas-based Millers.

The agreement calls for Acceptance to transfer all its nonstandard auto business and all outstanding stock of Phoenix Indemnity to Millers in exchange for $25 million cash. In February, Acceptance announced its intention to withdraw from this line of business as part of a restructuring. Acceptance plans to focus more heavily on its specialty property and casualty coverages and crop division going forward. In 1998, Phoenix had gross earned premiums of $46 million,...

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