Last Updated: October 28, 2020
Acquisition of Southern Fire & Casualty Company by Sentry Insurance a Mutual Company
On July 16, 2020, the Wisconsin Office of the Commissioner of Insurance received a Form A from Sentry Insurance a Mutual Company dated July 10, 2020, for the acquisition of Southern Fire & Casualty Company pursuant to a Stock Purchase Agreement with General Casualty Company of Wisconsin dated June 26, 2020. General Casualty Company of Wisconsin and Southern Fire & Casualty Company are indirect, wholly owned subsidiaries of their ultimate controlling person, QBE Insurance Group Limited, the shares of which are publicly traded on the Australian Securities Exchange. At the closing, Southern Fire & Casualty Company and QBE Insurance Corporation will enter into a Loss Portfolio Transfer and Quota Share Reinsurance Agreement and an Administrative Services Agreement, the effect of which shall be for QBE Insurance Corporation to assume and administer all policy liabilities of the company and related inuring reinsurance agreements and third party administrator contracts. Through these arrangements, Southern Fire & Casualty Company would be rendered for practical purposes, insofar as is possible, a clean shell at the time ownership would be transferred to Sentry Insurance a Mutual Company.
Under Sentry's ownership, the plans are for the company to write personal lines automobile, motorcycle, and powersports insurance products through agents and on a direct basis.
Form A and Related Items Filed on July 16, 2020:
Exhibit 1(b) to the Form A: Disclosure Schedules to the Stock Purchase Agreement [CONFIDENTIAL]
Exhibit 5 to the Form A: Post-Acquisition Business Plan for Southern Fire & Casualty Company [CONFIDENTIAL]
Exhibit 12(a) to the Form A: Three-Year Post-Acquisition Financial Projections [CONFIDENTIAL]
Hearing Documents:
Proposed and Final Decision