Atlantic American, an insurance holding company, has closed the sale of its regional property and casualty operations to Columbia Mutual Insurance Company of Columbia, Missouri, US.
The proposed operations include Association Casualty Insurance Company, Association Risk Management General Agency, and Georgia Casualty & Surety Company. Benfield Advisory served as the financial advisor to Atlantic American.
Hilton Howell, president and CEO of Atlantic American, said: While we will deeply miss the daily interaction we had with those individuals who contributed so much to our regional property and casualty operations, we believe that the future of those companies is in good hands with the Columbia Insurance Group.
As the US economy grows more uncertain, we are entering a period in which we have now narrowed our business focus in the specialty markets to those products and markets in which we believe we can concentrate and excel.