State Automobile Mutual to Purchase Rockhill Insurance Group
November 17 2008 - 3:00PM
Business Wire
State Automobile Mutual Insurance Company announced today that it
has agreed to acquire Rockhill Insurance Group of Kansas City, Mo.
Closing is expected in the first quarter of 2009, subject to
approval by regulatory authorities. Rockhill Insurance Group writes
approximately $135 million in specialty property and casualty
direct written premium through four insurance company subsidiaries:
Rockhill Insurance Company, Plaza Insurance Company, American
Compensation Insurance Company, and Bloomington Compensation
Insurance Company. Key business segments include commercial
property, general liability for residential construction,
commercial umbrella and surety; RTW, a monoline workers�
compensation company; and Absentia, a third party administrator
providing workers� compensation claim and loss control services.
Rockhill writes business on a non-admitted basis in 49 states and
the District of Columbia, and is licensed on an admitted basis in
42 states and the District of Columbia. State Auto intends to
retain Rockhill�s management and associates, operating the company
as a stand alone subsidiary of State Automobile Mutual. State
Automobile Mutual does not plan to pool Rockhill�s operations with
those of State Auto�s for the foreseeable future. �Rockhill�s
strong underwriting culture and exceptional leadership team will
both complement and supplement State Auto�s strategy and
operations,� said State Auto Chairman, President and CEO Bob
Restrepo. �Rockhill allows us to diversify our base of earnings and
the portfolio of products we offer our independent agency partners.
In addition, we will benefit from both the talent and technology
Rockhill brings to the State Auto family of companies. I am
confident that our successful track record in integrating
acquisitions and affiliations will make the addition of Rockhill
seamless and successful for our mutual policyholders and
associates.� �Our team is excited as we move to the next generation
with a partner that embraces our future and shares our technical
underwriting culture,� said Rockhill President and CEO Terry
Younghanz. �Our policyholders, broker partners and employees can be
comfortable that we are moving into a very stable relationship with
an exceptional company. We also want to thank HBK and Northaven
Management, Inc., who provided us with capital and business
leadership during our first three years of operation.� KeyBanc
Capital Markets acted as the financial advisor to State Automobile
Mutual in this transaction, and Benfield Advisory acted as the
financial advisor to Rockhill Insurance Group. The State Auto
Insurance Companies, headquartered in Columbus, Ohio, are engaged
primarily in writing personal and business insurance products
exclusively through approximately 3,400 independent insurance
agencies in 33 states and are proud to be a Trusted Choice� company
partner. The State Auto Insurance Companies include State Auto
Financial Corporation (NASDAQ:STFC) and State Automobile Mutual
Insurance Company, which is one of only 13 companies to be rated A+
(Superior) by the A.M. Best Company every year since 1954.
Additional information can be found online at StateAuto.com.
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