For Immediate Release
Merger & Acquisition Services, Inc., announces the sale of Alliance Assurance Company of America to WRM America
November 2008 – Merger & Acquisition Services, Inc., announced that it successfully completed the sale of Alliance Assurance Company of America, a subsidiary of the Eastern Casualty Insurance Group to WRM America. M&A acted as the lead advisor to Eastern Casualty on the transaction, working in conjunction with attorney Robert Shapiro from Jorden Burt LLP.
From inception in 1980, Eastern Casualty focused on writing workers’ compensation initially in the restaurant and hospitality Advisor to Eastern Casualty industry in Massachusetts. Based on direct premium written, it ranked among the top three writers of workers’ compensation in Massachusetts in 2000. In June 2001, Eastern Casualty made the decision to cease writing new workers’ compensation in
Massachusetts based on inadequate rates in the market and concerns over the rapidly growing Assigned Risk Pool. In September 2001, the company announced it was exiting the Massachusetts workers’ compensation market altogether. Management began non-renewing all policies effective October 1, 2001. WRM America Holdings is a specialty lines property and casualty insurance holding company headquartered in Uniondale, NY. WRM America Indemnity will underwrite insurance risks initially for the educational market with plans to grow into the not-for-profit and municipal markets nationally.
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 https://maservices.com.