Jacobs Financial Group Inc. (JFG) said it has acquired all of the issued and outstanding stock for West Virginia Fire and Casualty Company (WVFCC) from The Celina Mutual Insurance Company of Celina, Ohio.
Charleston, W.Va.-based JFG, a holding company, received final approval from the West Virginia Department of Insurance on Dec. 23, and closed on the deal on Dec. 30.
JFG said it paid $2.9 million for the insurer, subject to post closing costs. WVFCC held only licenses, securities and cash at the close of the deal. Celina withdrew all outstanding insurance policies and assumed all liabilities.
WVFCC will operate as a surety to businesses requiring financial assurance as a condition of their operations, such as those involved in the coal, oil and gas industries. JFG said operations will be in West Virginia and expand from there.
“This acquisition marks the culmination of literally years of planning to bring an insurance company under the JFG umbrella and also a new beginning for JFG,” said John M. Jacobs, president of JFG, in a statement. “With the support of governmental agencies in West Virginia, the West Virginia Coal Association, and other friends and financial supporters, we are now positioned to implement a business plan that will respond to the surety needs of the coal and other regulated industries, with bonding programs that are both cost effective and protective of the public interest.
He said that WVFCC will act as a surety, implementing programs that will rely on sound underwriting and an understanding of the coal and oil and gas industries.
According to National Underwriter's HighlineData, WVFCC reported net premium written of $7.96 million in 2004.
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