Mutual of Enumclaw to purchase Nevada-based insurance companies
October 21, 2010 · 4:22 PM
Editor's note: the following is a press release issued Thursday afternoon by Mutual of Enumclaw. It is printed in its entirety and has not been edited.
ENUMCLAW, WA ― Enumclaw Insurance Group announced the signing of a definitive agreement to purchase 100 percent of the stock of Chicago-Vegas Holding Company which owns Nevada General Insurance Company (NGIC) and Auto Insurance America Insurance Agency (AIC). Both Nevada General and Auto Insurance America are headquartered in Las Vegas, Nevada. The purchase has been approved by the Board of Trustees of Mutual of Enumclaw Insurance Company and the Board of Directors of Chicago-Vegas Holding Company, and is subject only to the approval of regulatory authorities. A final closing is expected prior to year end.
Auto Insurance America was incorporated in Nevada in 1972 by Robert B. Feldman. AIC is a retail sales/service insurance agency and exclusive producer of 100 percent of all business for Nevada General Insurance Company. AIC has 15 sales offices in Nevada and New Mexico.
Nevada General Insurance Company was formed in 1993 by Robert B. Feldman. NGIC writes “non-standard” auto insurance in Nevada, New Mexico and Arizona. NGIC is rated “A” “Excellent” by AM Best.
Current president of NGIC and AIC, Robert B. Feldman, will retire upon the closing of the sale. Current executive vice president, James Schallert, will assume the title of president. Mr. Schallert has more than 39 years experience in the insurance industry.
“We are very pleased to be able to assume ownership from Mr. Feldman, who has built an exceptional company and to have Mr. Schallert taking the helm” said Eric Nelson, president and chief executive officer of Enumclaw Insurance Group. “We believe that Nevada General and Auto Insurance America will help enhance overall Enumclaw Insurance Group earnings and provide unique strategic opportunities for us in the future.”
Current President Robert Feldman commented “After running this company for 37 years it is time for me to retire and I believe this is an excellent match for the two organizations. I am pleased that James Schallert will be replacing me as I have known him for more than 25 years and can think of no one more qualified.”
“Combining Enumclaw Insurance Group’s insurance expertise with our knowledge of the non-standard auto market, agency operations and Internet marketing will strengthen both of our companies” said new President James Schallert.
Enumclaw Insurance Group is headquartered in Enumclaw, WA, and is a super-regional property and casualty insurance group writing more than $320 million in direct premium with more than $600 million in assets and operating in four states. The group consists of Mutual of Enumclaw Insurance Company and Enumclaw Property and Casualty Insurance Company and writes preferred personal, commercial and farm lines of business sold exclusively through Independent Agents.
Philo Smith & Co. served as Chicago-Vegas Holding Company’s financial advisor.