Workers comp provider acquires insurer
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To expand its geographic reach, privately held Service Insurance Holdings Inc., parent of Texas-based Service Lloyds Insurance Co., is acquiring Oklahoma City-based American Healthcare Indemnity Co., the Austin-based company announced Tuesday.
The new entity will be rebranded as Service American Indemnity Co., according to a press release.
The acquisition will allow Service American Indemnity Co. to write workers compensation insurance in up to 48 states. The new entity will also identify and introduce new programs that will create significant opportunities for growth and profitability, according to the release.
Specifics on the acquisition were not available.
“The launch of Service American Indemnity Co., integrated with Service Lloyds, represents one of the first steps in our strategy to execute measured, organic growth into targeted areas over the next few years,” said J. Kelly Gray, CEO of Service Insurance Holdings Inc., in a press statement. “It will allow us to continue our tradition of unparalleled service in the workers compensation market as well as be responsive to the growing needs of customers and stakeholders.”
The acquisition will result in a planned pooling and reinsurance agreement under Service Insurance Holdings, whose business will remain headquartered in Austin.
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