The Auto Channel
The Largest Independent Automotive Research Resource
The Largest Independent Automotive Research Resource
Official Website of the New Car Buyer

Seaboard and Acceptance Announce Transfer of Auto Business

18 January 2000

Seaboard Underwriters, Inc and Acceptance Insurance Companies Inc. Announce Transfer of Commercial Auto Business

    BURLINGTON, N.C. & OMAHA, Neb.--Jan. 17, 2000-- Seaboard Underwriters, Inc. and Acceptance Insurance Companies Inc. announced today that they have reached an agreement in principle for Seaboard to acquire the renewal rights to the commercial auto business produced and underwritten by Redland Transportation, a unit of Acceptance. Seaboard will employ the current Omaha staff of the unit and lease office facilities from Acceptance. Seaboard also will provide policyholder services to current Redland Transportation customers and, beginning not later than February 1, will quote renewal coverage in various A-rated transportation specialty markets.
    "We are very excited about the opportunities this transaction provides for our company," said Seaboard Underwriters President Joseph P. Hutelmyer. "The Redland Transportation operation complements our North Carolina operation perfectly and gives Seaboard Underwriters a true national presence. It is rare that a company can acquire an underwriting operation with a skilled staff and an excellent transportation specialist agency plant." Hutelmyer also said the current Redland Transportation manager, Mary Zeller, has been named Vice President of the new operation and that, "Mary and her staff are able and ready to provide a smooth transition for their loyal agents."
    John E. Martin, President and Chief Executive Officer of Acceptance commented, "This transfer allows us to narrow our focus on our core continuing specialty lines business and provides excellent prospects for our staff, agents and customers."
    Acceptance Insurance Companies Inc. is an insurance holding company providing specialized crop, property and casualty insurance products throughout the United States. American Agrisurance, the company's wholly owned crop insurance marketing subsidiary, is a widely recognized leader in the crop insurance industry.