Applied Underwriters Acquires Oklahoma Property and Casualty Insurance Company for Admitted Business in South Central Region and Refocuses Texas Insurance Company for E&S Lines Nationally
Applied Underwriters’ strategic plans unfold bolstering Excess and Surplus business across the country and deepening roots in the South Central Region
Omaha -- February 16, 2021 -- Mr. Steve Menzies, Chairman, Applied Underwriters, today announced that “A” rated North American Casualty Company has completed the acquisition of the Oklahoma Property and Casualty Insurance Company (OP&C) having received all necessary regulatory approvals from the Oklahoma Insurance Department, and will now effect a number of changes with respect to OP&C as well as the Texas Insurance Company (TIC).
OP&C and TIC are among several companies owned and operated by North American Casualty Co. in the U.S. 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.
According to Mr. Jamie Sahara, President of Applied Underwriters and leader of the Company’s corporate development efforts, the Company’s strategic plans call for repurposing TIC to expand its E&S capabilities in support of the Company’s trucking programs and other divisions now organized under Applied Specialty Underwriters, led by highly regarded industry veteran, Chris Day, and Applied Financial Lines, led by the recognized leader in the field, Steve McGill.
Mr. Sahara stated: “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.”
Mr. Menzies 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.”
For further information contact:
Ryan Gerding, Public Relations, at +1 (913) 602-8531 or at firstname.lastname@example.org.
About Applied Underwriters
Applied Underwriters® is a global risk services firm that helps businesses and people manage uncertainty through its business services, insurance, and reinsurance solutions. As a company, Applied Underwriters has been distinguished by its innovative approaches to client care and by its strong financial strength. Applied Underwriters operates widely throughout the US, UK, and EU. Its operational headquarters is located in Omaha, Nebraska.
About North American Casualty Co. (nacasualty.com)
Ratings issuer AM Best has affirmed the Financial Strength Rating of “A” (Excellent) and Long-Term Issuer Credit Ratings of “a” of companies collectively referred to as North American Casualty Group (NAC). NAC’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), is assessed at the strongest level, and AM Best expects it to remain at a similar level in prospective years. Balance sheet strength also benefits from the company’s strong liquidity profile, conservative investment strategy, and disciplined reserving. The ratings agency said NAC has a track record of “strong operating earnings, underpinned by its robust underwriting performance” and demonstrated by a five-year average return on equity ratio of 13.1% and a combined ratio averaging 75% (2015-2019).