Acquisition of Control of The Omaha Indemnity Company by Hannover Finance, Inc. (Applicant)

Last Updated: November 28, 2017

Information on the Proposed Acquisition of Control of The Omaha Indemnity Company by Hannover Finance, Inc. (Applicant)

On October 20, 2017, the Applicant filed a plan to acquire control of The Omaha Indemnity Company through the purchase of 100% of its issued and outstanding capital stock from Mutual of Omaha Insurance Company.

The Omaha Indemnity Company is a Wisconsin-domiciled stock property and casualty insurance company. It was incorporated on January 20, 1956, under the laws of the state of Wisconsin as The Equitable Casualty Company. On February 7, 1967, the articles of incorporation were amended and restated in connection with a transfer of ownership to Mutual of Omaha Insurance Company. The present name of the company was adopted on October 30, 1967. It is licensed in 29 states, including Wisconsin, and has been in runoff since 1986.

If the proposed acquisition is approved, it is planned that The Omaha Indemnity Company will be renamed Glencar Insurance Company and will write specialty admitted business in the United States generated by an affiliated general agency, Glencar Underwriting Managers, Inc. Great care will be taken not to compete with the ceding company clients of Hannover Rück (Hannover Re). It is anticipated that claims will be adjusted by unaffiliated third-party administrators, subject to the general oversight of Hannover Re Services USA, Inc. Both Glencar Underwriting Managers, Inc., and Hannover Re Services USA, Inc., are based in a suite of offices in Itasca, Illinois. It is anticipated that Glencar Insurance Company will reinsure its business with Hannover Re under a 90% quota share treaty.


Notations on Accessing Information

Financial Information concerning individual insurance companies, including key annual statement pages, may be accessed on the Consumers Information Source section of the National Association of Insurance Commissioners' Web site at http://www.naic.org/cis/.


Form A and Exhibits Filed with the Wisconsin OCI:

Hearing Documents: