Business Services Industry
Unitrin Subsidiary To Acquire Reserve National Insurance Company
Business Wire, July 13, 1998
CHICAGO--(BUSINESS WIRE)--July 13, 1998--Unitrin, Inc. (Nasdaq: UNIT) announced today that its subsidiary, United Insurance Company of America, has entered into an agreement to acquire Reserve National Insurance Company and its parent company, NationalCare Insurance Company, in a cash transaction. Terms of the acquisition were not disclosed.
Reserve National Insurance Company is headquartered in Oklahoma City and specializes in the sale of limited benefit accident and health insurance products to persons primarily in rural areas. Reserve National utilizes direct mail solicitation to its target markets to generate sales leads for its independent agent force. For the year ended December 31, 1997, Reserve National and NationalCare had statutory premium revenues of approximately $115 million and assets of approximately $125 million.
The acquisition is subject to various regulatory approvals and to approval by the shareholders of NationalCare, which is privately held. The acquisition is expected to close at or about the end of the third quarter.
Through its subsidiaries, Unitrin engages in the businesses of property and casualty insurance, life and health insurance and consumer finance.
CONTACT: Unitrin, Inc.
Scott Renwick, 312/661-4930
URL: www.unitrin.com
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