Nodak Mutual acquires South Dakota auto MGA, underwriting firms
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Property/casualty insurer Nodak Mutual Insurance Co. has acquired Spearfish, South Dakota-based managing general agent Tri-State Ltd. and Spearfish-based specialty underwriter Primero Insurance Co.
A spokesman for Fargo, North Dakota-based Nodak Mutual declined to comment on the terms of the deal, announced Thursday.
According to its website, Tri-State specializes in policy issuance, service and claims handling for private passenger auto insurance. Primero underwrites specialty automobile insurance in Arizona, Nevada, North Dakota and South Dakota through independent agents, Nodak Mutual said Thursday in a statement.
Tri-State and Primero's president, Herbert Hill, will retire, according to the statement. Current vice presidents Ryan Hill and Broch Hill will continue handling claims and marketing for the companies, Nodak Mutual said.
Tri-State and Primero will retain their names, and operations will continue in their current locations, the spokesman said.
“Tri-State and Primero's operating niche complements Nodak Mutual's core business strategy of providing personal lines products and services to defined segments of the insurance marketplace,” Nodak Mutual Executive Vice President and CEO Jim Alexander said in the statement. The companies provide “geographic and product diversification for us,” Mr. Alexander said.
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