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San Marcos-based Insurer
Date: Jan 26, 2005
Contributor: Darren Liakos
Tenn. company buys San Marcos-based insurer
Car insurance provider First Acceptance Corp. has acquired the assets of HCS Claims Service Inc., picking up some Central Texas offices in the deal.
Nashville, Tenn.-based First Acceptance paid San Marcos-based HCS -- which also does business as Heritage Claims Services Inc., LGNP Enterprises Inc. and America's Low Cost Insurance Agencies -- $4 million in cash for the assets of 15 company-owned retail stores and the claims operations of the managing general agency operating under the America's Low Cost Insurance Agencies trade name.
Steve Harrison, president and CEO of First Acceptance, says the operations being acquired are primarily in the Austin, Houston and Dallas areas.
First Acceptance is retaining all 37 employees of the acquired stores, three of which are in the Austin area.
The retail agencies First Acceptance has scooped up produce about $7.7 million in annual automobile insurance premiums, according to the company.
Operating as a managing general agency in Texas, LGNP Enterprises insured the business through a Texas county mutual insurance company. First Acceptance plans to continue using a Texas county mutual insurance company as the direct insurance company, but will assume 100 percent of the business from the county mutual.
For more information relating to "San Marcos-based Insurer", please visit our San Marcos-based Insurer page.
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