Sompo International Holdings Ltd. said it has a definitive agreement to acquire Service Insurance Companies, a monoline workers’ compensation insurance company.
Terms of the transaction were not disclosed.
“Together with Service Insurance Companies’ seasoned leadership team and proven workers’ compensation platform, Sompo is establishing a top-tier flagship for our workers’ compensation business,” said Chris Sparro, CEO, North America, Sompo Commercial P&C Insurance.
The acquisition of Austin, Texas-based Service Insurance will broaden Sompo’s underwriting capabilities, products, customer segments, and distribution channels, Sompo said. As a workers comp specialist and founded in 1982, Service Insurance brings claims expertise and a complementary focus on the small and medium-sized enterprise segment.
Brad Davis, current president of Service Insurance Companies, will continue to lead the business for Sompo.
“Together with Sompo, Service Insurance Companies is better positioned to extend the reach from a monoline workers’ compensation provider into a diversified commercial insurance organization with enhanced scale, capabilities and amplified market relevance,” he said.
About three months after it detected suspicious activity within its network systems, AssuranceAmerica has started alerting consumers.
The Atlanta-based managing general agency with about 9,500 agents selling personal auto, renters, and commercial auto policies in 14 states, said on March 17 it detected the suspicious activity targeting one employee.
The MGA said it notified authorities and immediately enlisted an outside forensic specialist. It was determined an unauthorized third party accessed the company’s systems through the targeted attack and copied “a number of data files,” according to the breach notice filed in at least a half-dozen states.