Ohio Mutual Insurance Group (OMIG) has reached an agreement to acquire NE Corporation and its wholly-owned subsidiary Casco Indemnity, a Maine-based property & casualty insurer.
Casco was formed in 1985, and currently offers commercial auto, personal auto, and personal umbrella insurance in six states through a network of 140 independent agents.
Under terms of the acquisition, the assets and liabilities of NE Corporation/ Casco would be pooled with the other companies in the Ohio Mutual Insurance Group beginning in 2011.
NE Corporation is a holding company jointly owned by the Massachusetts-based Hingham Group, and New Hampshire-based Phenix Mutual Fire Insurance.
OMIG president and CEO Jim Kennedy said, the company expects that the acquisition of Casco will generate significant long-term advantages and benefits for the policyholders, agents, and associates of both organizations.
The transaction is subject to approval and is expected to be completed by the end of the 2010.