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


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


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.


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