For Immediate Release
Hannover Re acquires Omaha Indemnity from Mutual of Omaha Insurance Co.
January 9, 2018 – The Germany-based company acquired 100% of Omaha Indemnity’s issued and outstanding capital stock for an aggregate purchase price of about $4.2 million over the Mutual of Omaha unit’s surplus at closing, which could be between $21 million and $21.5 million, less the amount of certain excluded assets. Following the acquisition, Omaha Indemnity will be renamed Glencar Insurance Co. and will write specialty admitted business in the U.S. generated by an affiliated general agency, Glencar Underwriting Managers Inc. Thomas Hrdlick Foley & Lardner LLP served as legal counsel to Hannover Re, while H. Dale Dixon III and Kutak Rock LLP served as legal counsel to Mutual of Omaha. Jason Murgio and Paul Procops of Merger & Acquisition Services, Inc., served as the Financial Advisors to Mutual of Omaha.
About Merger & Acquisition Services, Inc.
Merger & Acquisition Services, Inc. is a specialist advisory and financial services Firm to the insurance and reinsurance industry, with offices in New York, Connecticut, Georgia & Cayman Islands. Founded in 1999, the Firm and its affiliates provides investment banking and insurance consulting services globally, including; merger & acquisition advisory capital raising, valuations, program placement/fronting, and reinsurance advisory. Merger & Acquisition Capital Services, LLC., a registered broker-dealer and member FINRA / SIPC, is an affiliate of Merger & Acquisition Services, Inc.
To learn more about Merger & Acquisition Services, visit http://www.maservices.com.