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Member, Beacon International Group, Ltd.
RENO, Nev.--Employers Holdings Inc., a holding company for workers compensation specialty insurers, said it has agreed to buy AmComp Inc.
North Palm Beach, Fla.-based AmComp is also an insurance holding company whose units provide coverage for small to midsize employers in 18 states.
The deal, announced Thursday, is valued at about $230 million, including the assumption of $37 million in debt. Reno, Nev.-based Employers said the acquisition will expand its workers comp operations to a total of 26 states. The deal is expected to close during the second quarter of 2008 and is subject to "various conditions," including regulatory approval and approval by AmComp stockholders.
Employers' subsidiaries, Employers Insurance Co. of Nevada and Employers Compensation Insurance Co., have focused on small businesses engaged in low- to medium-hazard industries in the western United States, Employers said. AmComp focuses on employers in the Southeast and Midwest.