has been acquired by
Midland Financial is an underwriter of non-standard automobile insurance.
Senior Team
Midland Financial Group
Type
M&A Sell-Side
Description
Midland, a rapidly growing underwriter of non-standard auto insurance with $180 million in annual premium revenues, faced reserve pressures. Croft & Bender initially negotiated a sale, which was terminated due to the deaths of both CEOs in a plane crash. Croft & Bender then quickly arranged a subsequent sale to Progressive Corporation.
has been acquired by
Midland Financial is an underwriter of non-standard automobile insurance.
About
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.