The Republic Group of Insurance Companies, www.Republink.com, based in Dallas, announced the completion of its acquisition by a private investor group, in a cash transaction valued at $127 million. Republic was previously owned by Winterthur US Holdings,Inc. and certain other subsidiaries of Credit Suisse Group.
T
he principal investors in Republic are Banc of America Capital Investors, Greenhill Capital Partners, Brazos Private Equity Partners, 21st Century Group LLC and Norwest Equity Partners. Wand Partners, a private equity firm that specializes in insurance investments, organized the acquisition in support of the current management of Republic.
Founded in 1903, Republic provides personal property and auto insurance for individuals and commercial insurance for main-street businesses in Texas, Louisiana, New Mexico, and Oklahoma. The company, with approximately 400 employees, distributes its products through a network of approximately 700 independent agents and through professionally managed, specialty programs.
Bruce Milligan, Republic CEO, said: “We are delighted that the transaction has been completed and excited about the opportunity afforded by our new ownership. As a newly independent company, we look forward to working with our agents to expand our business and meet the insurance needs of our region.”
Trey Sheridan, a managing director of Banc of America Capital Investors, said: “Republic has been a trusted name in insurance in Texas since the company’s formation a century ago. We look forward to supporting Bruce Milligan and his colleagues as they build the value of Republic for all of its constituents, including agents, customers, employees, reinsurers and investors.”
Scott Bok, a managing director of Greenhill Capital Partners, said: “We are pleased to be major participants in this transaction and excited about the long-term outlook for this outstanding insurance company as it continues to serve the insurance needs of Texas and other states.”
Topics Mergers & Acquisitions Texas
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