January, 2011
In November 2010, the acquisition of Casco Indemnity Company was
announced by Ohio Mutual Insurance Group, based in Bucyrus, OH.
Regulators from both Maine and Ohio approved the acquisition in
December, and the transaction was finalized on December 31, 2010
Ohio Mutual has significant resources that will provide immediate and
long-term benefits to Casco policyholders, agents, and associates:
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By pooling Casco and OMIG resources, Casco policyholders will receive
additional financial protection through both companies' pooled surplus
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We would anticipate that Casco will enjoy an A.M. Best Rating of "A"
under the Ohio Mutual Insurance Group pooled rating - Ohio Mutual has
maintained an "A / Stable" rating from A.M. Best for 18 consecutive years
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Casco would also enjoy the immediate benefits of recent national
recognition received by Ohio Mutual - in 2009 we were honored with the
National Company Award of Excellence by the National Association of
Professional Insurance Agents (PIA), and for the past two years (2009 &
2010) Ohio Mutual has been included on the prestigious Ward's 50 list of
the top 50 P&C insurers in the nation
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As a member of the Ohio Mutual Insurance Group, Casco policyholders
will be protected by high-quality reinsurance coverage at a cost significantly
lower than Casco has been paying
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Enhanced systems support, by integrating Casco business into Ohio
Mutual's cutting-edge CSC Point-In business application system
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Additional technology support for Casco agents via our award winning
e-Quip'd(r) agency interface
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Enhanced product offerings for the Casco
agency force - in both personal and commercial lines
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Actuarial and product management support for rate-making efforts
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Investment management services, combined with our mutual partner, GR-NEAM
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Marketing and agency relationship program support.
While we realize we have much work ahead of us, we are confident that
Casco represents a good fit for Ohio Mutual - in terms of our long-term
strategic plan and both companies' mission, culture, and values.
Jim Kennedy, CPCU
President & CEO
Ohio Mutual Insurance Group
