Ohio-based State Automobile Mutual Insurance Co. has completed the purchase of the Beacon Insurance Group of Wichita Falls, Texas. With the acquisition, Texas becomes State Auto’s 29th state of operation, according to a recent company statement.
Beacon writes approximately $50 million in direct written premium through more than 350 independent insurance agents in Arkansas and Texas. The transaction was announced on Dec. 18, 2006.
“Bringing a Texas-based company like Beacon into the State Auto group offers a tremendous opportunity for profitable growth,” said Bob Restrepo, State Auto chairman, president and CEO. “Working with the Beacon team and meeting their independent agents in recent months has confirmed our initial belief that we share similar business operations, agency forces, and corporate cultures. We remain confident that the transition will be seamless for Beacon’s policyholders, agents, and associates.”
Beacon’s headquarters is now State Auto’s Southwestern Regional office headed by former Beacon President Lyndell Haigood. Haigood who has been named State Auto regional vice president. Haigood joined Beacon in 1997, and is active on the boards of the Association of Fire and Casualty Companies of Texas, the Southwest Insurance Information Service and the Insurance Council of Texas.
The State Auto Insurance Cos., writes personal and commercial insurance products through 3,300 independent insurance agencies in 29 states.
Source: State Auto
Was this article valuable?
Here are more articles you may enjoy.
US P/C Insurers Post Best Q1 Underwriting Result In 17 Years 
Allstate, Nationwide Post Dramatic Q12024 Homeowners Loss Ratio Drops: S&P 
As Rates Rise, Majority of Homeowners Say Insurance Industry Is in Crisis: Survey 
GEICO Tops Progressive With Higher J.D. Power Scores From This Issue
