Access enters Massachusetts auto insurance market with book purchase
Managing general agency Access Holdco Management has acquired property/casualty insurer Occidental Fire & Casualty Company’s Massachusetts non-standard auto insurance book of business.
No financial terms were disclosed, and the seller is IAT Insurance Group.
Michael McMenamin, president and CEO of Access, commented: “We are excited about the opportunity to enter the Massachusetts auto insurance market and further diversify our book of business. We are very pleased to partner with IAT and use our platform and expertise to manage the Occidental programme.”
Occidental’s Massachusetts book of business is approximately $35 million in annual premium and is distributed through a network of independent insurance producers.
“The purchase of the Occidental non-standard book constitutes a substantial stepping stone in Access’ evolution to diversify its offerings to their producers and insureds,” said Access.
As part of the transaction, IAT is transitioning its directly produced (core) auto book to Access, but will continue to act as the issuing carrier via its subsidiary, Occidental Insurance Company.
Bill Cunningham, CEO of IAT, said: “We’ve long admired Access’ expertise in managing non-standard auto programmes, as well as their technology platform, use of metrics and analytics, and first-class services. Having Access manage the Occidental Massachusetts book of business gives us great comfort knowing existing policyholders and producers will continue to receive a great product.”
Keoni Schwartz, co-founder and managing director at Access investor Altamont Capital Partners, said: “We are thrilled with the purchase of Occidental’s Massachusetts business from the IAT Insurance Group, and are focused on supporting Access through other targeted acquisitions that leverage the scale and diversity of the Access technology platform and services.”
