DeRidder, La.-based Amerisafe Inc., a specialty writer of hazardous workers’ compensation insurance, announced it plans to acquire the workers’ compensation business of Cooperative Mutual Insurance Co.
Effective Jan. 1, 2011, all workers’ compensation policies written by Cooperative Mutual will be assumed by American Interstate Insurance Co., a subsidiary of Amerisafe. These policies will be serviced by Cooperative Insurance Agency, a wholly owned subsidiary of Cooperative Mutual.
Additionally, Amerisafe will obtain the renewal rights to these policies, which represent approximately $8 million of in-force premium, and which will be produced and serviced by Cooperative Insurance Agency and its partner independent agencies.
Cooperative Mutual of Omaha, Neb., is licensed in 24 states and writes approximately $26 million in commercial property/casualty and workers’ compensation direct written premium throughout the Midwest. For 75 years, Cooperative Mutual has been providing insurance solutions for agribusiness.
Agriculture is Amerisafe’s third largest insured category, after construction and trucking, according to CEO C. Allen Bradley Jr.
Source: Amerisafe Inc.
Topics Mergers & Acquisitions Workers' Compensation Agribusiness
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