Saco insurance co. sold, others formed
State insurance regulators have approved the sale of a Saco insurance firm to an out-of-state company and licensed two new companies to do business in the state.
The Bureau of Insurance last week signed off on the sale of Casco Indemnity Co. to Ohio Mutual Insurance Co. for an undisclosed price, according to a press release from the bureau. Casco Indemnity sells products through 170 agents in New England and employs 23 people, all of whom will remain on staff. The purchase will allow the company to broaden its insurance offerings and expand in the region, according to the release. Founded in 1985, Casco Indemnity offers property and casualty insurance and had $17.4 million in direct written premiums in 2009, according to a press release from Ohio Mutual.
The bureau also licensed First Maine Captive Inc., which was formed by three Maine workers' compensation group self-insurers and will be administered by R.A. Peterson Associates in York. A captive is a company that insures the risk of its parent company, and the formation allows First Maine Captive to increase the capacity of its participating groups without incurring the cost of commercial reinsurance, according to the release. It's the first captive formed in Maine since 2003, and Insurance Superintendent Mila Kofman cited changes made in the last legislative session that made Maine's market more attractive for captive insurance companies.
The bureau also licensed workers' compensation firm Great Falls, which plans to open this month in Auburn.
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