U.S. Fidelity Holding Corp. Affiliate Completes Acquisition of Houston, Texas-Based Mirror Finishes Auto Collision Repair Center
9 February 1998
U.S. Fidelity Holding Corp. Affiliate Completes Acquisition of Houston, Texas-Based Mirror Finishes Auto Collision Repair Center
DALLAS, Feb. 9 -- U.S. Fidelity Holding Corp. affiliate,
Unistar Financial Services, LLC has finalized the acquisition of its most
widely used Houston, Texas-based auto collision repair center, Mirror Finishes
and Collision of Texas, LLC, to maximize service to claimants and to minimize
insurance claims expense.
U.S. Fidelity's Chairman, Marc A. Sparks, states, "The acquisition of
Mirror Finishes provides us with a substantial base for expansion of auto body
collision repair centers throughout the state of Texas. We will own a
preferred collision repair center in every major city in which we sell auto
insurance. We anticipate that this acquisition will save our shareholders
20% to 25% in auto insurance collision claims repair costs, and result in
substantially reducing an already excellent loss ratio by another 5% to 8%.
The founder of Mirror Finishes, Mr. Dan Deschamps, will remain as President."
Headquartered in Dallas, Texas, U.S. Fidelity Holding Corp. is a leading,
fully-integrated insurance holding corporation, specializing in auto
insurance, premium financing, insurance claims management, and collision
repair centers. U.S. Fidelity Holding Corp.'s wholly-owned subsidiaries
include Great Southern General Agency and First Choice Underwriters --
managing general agencies, Eagle Premium Finance Company, and Eagle Claims
Corp. -- an auto insurance claims company, and a multitude of retail auto
insurance agencies and auto collision repair centers. U.S. Fidelity's
affiliate, International Fidelity Holding Corp. is the parent company of
International Surety & Casualty Company, a property and casualty insurance
company. Additional information available at: http://www.prnewswire.com -- Company
News on Call.
SOURCE U.S. Fidelity Holding Corp.