ASI also acquired Victore Enterprises and Agency Bonding Company
Bermuda-based American Safety Insurance Holding’s (ASI) wholly-owned subsidiary, American Safety Casualty Insurance Company (ASCI), has acquired Victore Insurance Company (VIC), an admitted insurance company in Oklahoma.
In accordance with the purchase of VIC, the company also acquired Victore Enterprises, an Oklahoma-based holding company, and Agency Bonding Company, a provider of surety agency services, primarily for VIC.
Stephen Crim, President and CEO of ASI, said: “The addition of the Victore business segment to ASI’s array of insurance products serves to complement the Company’s strategic initiative, which includes growing our surety product line, and will enhance our geographical presence in the Midwest. We expect the addition of the Victore Companies to add approximately $2 million to our 2009 surety gross written premiums and $4 to $5 million to our 2010 surety gross written premiums.