Applied Underwriters has announced that its North American Casualty Company has completed the acquisition of Oklahoma Property and Casualty Insurance Company (OP&C).
The acquisition was subject to regulatory approvals from the Oklahoma Insurance Department, and will effect a number of changes with respect to OP&C as well as the Texas Insurance Company (TIC).
The company’s strategic plans has called for TIC to expand its E&S capabilities in support of the company’s new trucking programs and other divisions now organised under Applied Specialty Underwriters.
The consolidations and innovations affecting the two carriers are the latest in a series of strategic acquisitions and key moves for Applied Underwriters and the affiliated North American Casualty group of companies.
Jamie Sahara, President of Applied Underwriters and leader of the company’s corporate development efforts, commented: “Parallel, we will strengthen OP&C to write admitted business in the South Central Region as we dedicate TIC’s resources more profoundly in Excess and Surplus lines nationally.
“We are delighted to add OP&C to our ‘A’ rated North American Casualty group, consisting of: The California Insurance Company, Continental Indemnity Company, Illinois Insurance Company, Texas Insurance Company, Pennsylvania Insurance Company and, now, Oklahoma Property and Casualty Insurance Company.”
Steve Menzies, Chairman, Applied Underwriters, added: “We are grateful to the professionals in each enterprise and to the responsive regulators who worked with us to see these transactions to completion for the ultimate benefit of the insuring public. We plan to increase market options and to offer the best coverages available.”
