Hiscox acquires U.S. livestock insurerPosted On: Jun. 25, 2007 12:00 AM CST
HAMILTON, BermudaHiscox Ltd. has acquired Geneva, Illinois-based ALTOHA Inc. and its livestock insurance company and agency subsidiaries.
Hiscox Ltd.based in Hamilton, Bermudais paying $55 million for the holding company and its units American Live Stock Insurance Co. in Geneva, Illinois and Harding & Harding Inc., an agency in Paris, Illinois.
Hiscox said in a statement announcing the deal, which is subject to regulatory approval, that it is acquiring net tangible assets of $45 million. American Live Stock wrote $16.9 million in gross premiums last year and recorded net income of $4.2 million, according to figures on its Web site.
American Live Stock is an admitted insurer licensed in all states in the United States. Its main business is mortality insurance for cattle and horses. Harding & Harding places all of its business with the insurer.
Bronek Masojada, chief executive of Hiscox, said the acquisition fits his company's growth plans. "It gives us a carrier admitted in 50 states, through which we can expand our existing U.S. operations and product offering," he said in the statement.