82.1 F
San Fernando
Monday, Jun 5, 2023

Employers Direct Bought

A New York-based company has acquired Agoura Hills insurer Employers Direct Corp. Alleghany Corp. will pay $195 million for the five-year-old company, which writes workers compensation insurance for about 740 California businesses with a total 130,000 workers. About 175 Employers Direct employees are expected to stay with the company. The deal is expected to close in the third quarter. In a statement, Alleghany President and CEO Weston M. Hicks said: “Our agreement to acquire EDC reflects Alleghany’s strategy of investing in well-positioned and well-managed financial services companies at prices we believe are reasonable. We believe that EDC’s unique operating model has good growth prospects, and the addition of a workers compensation insurer to our existing portfolio of insurance companies will provide balance to our risk portfolio.”

Featured Articles

Related Articles