Business Services Industry
W. R. Berkley Corp. announces the acquisition of MECC Inc
Business Wire, Nov 8, 1995
GREENWICH, Conn.--(BUSINESS WIRE)--Nov. 8, 1995--W. R. Berkley Corp. (NASDAQ:BKLY) Wednesday announced the closing of the acquisition of MECC Inc.
Pursuant to a previously announced agreement, W. R. Berkley Corp. paid MECC's stockholders approximately $138 million in cash and also repaid approximately $20 million of MECC's outstanding indebtedness. MECC, through its subsidiary, Midwest Employers Casualty Co. (Midwest), is a leading provider of excess workers' compensation coverages to self-insureds.
William R. Berkley, chairman, CEO and president, stated: "We are very pleased to add a company of Midwest's quality to our group. Midwest is led by an outstanding management team and offers products that will greatly enhance our presence in the expanding alternative market."
W. R. Berkley is an insurance holding company that, through its subsidiaries, operates in four segments of the insurance business: regional property casualty insurance; reinsurance; specialty lines of insurance; and insurance services operations (which provide services to alternative insurance market mechanisms).
CONTACT: W. R. Berkley Corp.
Anthony J. Del Tufo, 203/629-3000
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