Benchmark Holding Company Announces Agreement to Acquire 7710 Insurance Company
July 17 2020 - 10:28AM
Benchmark Holding Company is pleased to announce that it has
entered into an agreement to acquire 7710 Insurance Company as well
as its associated program manager and agency, 7710 Service Company,
LLC and Creekwood Insurance Agency, LLC, respectively.
7710 Insurance Company was incorporated in 2014 and underwrites
workers’ compensation for Emergency Services, including
Firefighters and Emergency Medical Services (EMS). The
company focuses on reducing costs and claims through diligent
implementation of a proprietary safety preparedness and loss
control program (S.H.I.E.L.D.), created and staffed by experienced
firefighters and EMS professionals.
Benchmark Holding Company is a wholly owned subsidiary of Trean
Insurance Group, Inc. (NASDAQ: TIG) (“Trean”). 7710 Insurance
Company will join other TIG affiliated insurance companies,
American Liberty Insurance Company and Benchmark Insurance
Company. These are A.M. Best ‘A VIII’ rated carriers offering
specialty property and casualty products in 49 states and
D.C.
“We believe that being part of Trean uniquely positions 7710 to
be the nationwide “go to” workers’ compensation insurance partner
for the emergency services industry,” said Bill Adamson, CEO, 7710
Insurance Company. “We are excited by the opportunity for our
clients and colleagues that this transaction represents.”
“We are delighted to welcome 7710 into the Trean family,” said
Andy O’Brien, TIG’s President and CEO. “7710’s experienced staff
and specialized business model will give us even greater reach in
providing exceptional services and products to underserved
insurance markets.”
Terms of the transaction were not disclosed. Oppenheimer
& Co. Inc. served as exclusive financial advisor to 7710
Insurance Company.
About the Companies7710 Insurance Company is a
South Carolina domiciled insurance carrier focused solely on
workers’ compensation for the fire and emergency services
industry.
Trean Insurance Group, Inc. and its affiliated companies were
founded in 1996 to provide innovative solutions in the insurance
and reinsurance markets. The company is headquartered in Wayzata,
Minnesota, and has offices in ten states across the U.S.
Company contact:Joy N. Edler, COO, (952) 974-2200,
joy.edler@trean.com
Investor relations contact:Julie A. Baron, CFO, Treasurer and
Secretary, (952) 974-2200, julie.baron@trean.com
Source: Trean Insurance Group, Inc.
Forward-Looking Statements
This press release contains forward-looking statements as that
term is defined in the Private Securities Litigation Reform Act of
1995. Forward-looking statements include statements that are not
historical or current facts. You can identify forward-looking
statements by words such as “anticipate,” “estimate,” “expect,”
“intend,” “plan,” “predict,” “project,” “believe,” “seek,”
“outlook,” “future,” “will,” “would,” “should,” “could,” “may,”
“can have,” “likely” and similar terms. Forward-looking statements
are based on management’s current expectations and assumptions
about future events. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. Factors that may
cause such differences include the risks described in the Company’s
filings with the Securities and Exchange Commission. These
forward-looking statements speak only as of the date of this press
release. The Company disclaims any obligation to update or revise
any forward-looking statement, whether as a result of new
information, future developments, changes in assumptions or
otherwise.
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