Midland Financial

Group, Inc.



has been acquired by


The Progressive Corp.



Midland Financial is an
underwriter of non-standard
automobile insurance.

The undersigned acted as financial advisor to Midland in this Transaction

Midland Financial

Description

Midland was a rapidly growing publicly-held underwriter of non-standard auto insurance with $180 million in annual premium revenues.

Situation

Midland's reserves were coming under pressure and Croft & Bender represented its Board in negotiating a sale to Danielson Holdings for $80 million. The transaction was terminated when the CEO's of both companies were killed in the crash of TWA Flight # 800.

Result

Croft & Bender was instrumental in quickly negotiating a subsequent agreement for the sale of the company to Progressive Corporation.