A Leading Investment Firm Specializing
in Insurance and Financial Services Businesses

Most Recent     Prior to 2004

Andrews & Murray Associates, Inc. – Served as exclusive financial advisor to Andrews & Murray Associates, Inc. in its sale to Neighborhood, LLC. A&M, a property & casualty agency, will function as a platform agency for the acquirer in Connecticut. A&M has a strong presence in western and central Connecticut. The agency has successfully acquired and integrated several agencies during its history including Southbury Insurance Agency, The Hyatt Agency and Carmody, Dyer & Carey. (12/04)

D.E. Love Associates, Inc. – Acted as exclusive financial advisor to D.E. Love Associates, Inc. in its sale to National Penn Bancshares, Inc. D.E. Love, a full service insurance agency headquartered in Yardley, PA, offers property and casualty insurance and employee benefit programs through its relationship with a variety of regional and national carriers. D.E. Love, which has 21 employees, will play an important role in growing National Penn's insurance division and strengthening its position as a full-service financial resource provider for its customers. (12/04)

COUNTRY Companies – Acted as exclusive financial advisor to COUNTRY Life Insurance Company and COUNTRY Mutual Insurance Company in their acquisition of Cotton States Life Insurance Company and affiliation with Cotton States Mutual Insurance Company. The affiliation was followed by the purchase of the publicly held shares of Cotton States Life valued at $135 million. The affiliation will increase the COUNTRY pool by $300 million of personal lines premium located in Georgia, Alabama, Tennessee, and Florida. (12/04)

Future Planning Associates, Inc. – Acted as exclusive financial advisor to Future Planning Associates in its sale to U.S.I. Holdings Corporation for approximately $30.6 million. Founded in 1985, FPA is an employee benefit-consulting firm that designs, markets and administers voluntary insurance programs via payroll deduction for some of the largest employee groups in the United States. FPA is expected to contribute approximately $10 million of revenue to U.S.I. on an annual basis. (7/04)

Becher & Carlson Risk Management – Retained by American Re Corporation to find a buyer and maximize the value to American Re of Becher & Carlson. Sold Becher & Carlson to Risk Strategy Partners, an experienced insurance agency team led by the former CEO of a recently sold large national insurance brokerage operation. Becher & Carlson provides risk management solutions and brokerage services to Fortune 1000 companies. (12/03)

Response Insurance Group – Acted as the exclusive financial advisor to Response in its acquisition of National Merit Insurance Company from Unigard Insurance Company, a subsidiary of Winterthur Swiss Insurance Company. National Merit is a direct auto insurer licensed in the state of Washington, with $17.6 million in premium in 2002. The acquisition continued Response’s targeted growth strategy in the nationwide, direct auto market. Response will pay $3.5 million over policyholders’ surplus at closing, or roughly $14 million. (9/03)

Iowa Mutual Group - Acted as the exclusive financial advisor to Iowa Mutual Insurance Group in its affiliation with The Motorists Insurance Group. The affiliation provided Iowa Mutual access to capital necessary for its expansion in Iowa, Nebraska, and Illinois. Iowa Mutual's A.M. Best rating improved from B to A upon closing. At year end 2002, Iowa Mutual Group had $61 million in assets, approximately $41 million in written premium, and $14.5 million in policyholders' surplus. The Motorists Insurance Group has more than $1 billion in assets, posted $467 million in written premium and has $424 million in policyholders' surplus. (6/03)

GuideOne Insurance Group - Acted as the exclusive financial advisor to GuideOne Insurance Group in its sale of GuideOne Life Insurance Company for $103.1 million to Kansas City Life Insurance Company. West Des Moines, IA based GuideOne Life sells individual life, annuity and group products through captive and independent multi-line agents, and in 2002 generated over $58 million in direct premiums and annuity considerations. The proceeds will enable GuideOne Insurance to strengthen its capital position and build surplus, and GuideOne Life's policyholders will benefit from a strong A-rated insurer committed to excellent customer service. (3/03)

Response Insurance Group - Acted as the exclusive financial advisor to Response Insurance Group in its acquisition of Worldwide Insurance Company and Worldwide Direct Insurance Company from Great American Insurance Company, a subsidiary of publicly-traded American Financial Group (AFG). Response also acquired the renewal rights to the direct auto business of other Great American subsidiaries. Response, a subsidiary of Meriden, CT based Direct Response Corporation, paid $17 million plus the policyholders' surplus of the Worldwide Companies, for a total purchase price of $50 million. (1/03)

GuideOne Financial Group Inc. - Acted as the exclusive financial advisor to GuideOne Mutual Insurance Company in its efforts to successfully negotiate and secure a $30,000,000 private equity placement in its subsidiary GuideOne Financial Group Inc. GuideOne Insurance is the leading insurer of churches in the United States, and distributes personal and commercial property casualty and life insurance products in 50 states through more than 2,000 independent agents. GuideOne will used the proceeds to strengthen its capital base for rating purposes and to fund future growth in premiums. (11/02)

Harleysville Mutual Insurance Company - Acted as the exclusive advisor to Harleysville Mutual in its merger with Penn Mutual Insurance Company. Harleysville Mutual acquired the assets and liabilities of Penn Mutual, including its policies, operations, and office facility. In 2001, Penn Mutual generated approximately $33 million in direct written premium with policyholder surplus of $7.6 million. The 210 independent agents of Penn Mutual allowed Harleysville Mutual to further its penetration of Pennsylvania and surrounding Mid-Atlantic states in personal and commercial lines. (11/02)

Le Mars Mutual Insurance Company of Iowa - Acted as the exclusive advisor to Le Mars Mutual in its affiliation with Donegal Mutual Insurance Company. In addition to providing operational assistance, Donegal Mutual injected $4 million into Le Mars in order to boost its surplus, stabilize its A.M. Best rating, and help it to better serve its policyholders and agents. During 2001, Le Mars generated $26.9 million in direct written premium on year-end policyholder surplus of $8.8 million. Donegal Mutual's support has enabled Le Mars Mutual to re-establish itself as a leading property casualty underwriter in its markets. (6/02)

GMAC Insurance Holdings Inc. - Acted as the exclusive financial advisor to GMAC Insurance Holdings Inc. in its acquisition of National Alliance Insurance Company. National Alliance writes auto liability and physical damage coverage for recreational vehicle owners nationwide, and wrote over $53 million in direct premium in 2001. GMAC will benefit from access to one of the nation's largest recreational vehicle distributors and camping organizations, Camping World Inc., an indirect and partial owner of National Alliance. (5/02)

The Personal Service Insurance Company - Acted as the exclusive advisor to GuideOne Insurance in its sale of its subsidiary, The Personal Service Insurance Company, to American Independent Insurance Company, a subsidiary of Arch Capital Group, Ltd. GuideOne's sale of Personal Service completes its strategy to exit the non-standard auto insurance business. In 2001, Personal Service generated direct written premium of $22.5 million on policyholder surplus of $11.7 million. American Independent intends on continuing to service Personal Service customers and agents through the Company's current Columbus, Ohio based operation. (3/02)

Virginia Mutual Insurance Company - Acted as exclusive financial advisor to Virginia Mutual in its completed affiliation with Alfa Mutual Insurance Company. Virginia Mutual was formed in 1935 and writes both personal and commercial lines in Virginia and North Carolina. In 2000, Virginia Mutual generated direct written premium of $39.2 million on $8.1 million of policyholder surplus. Following the closing of the affiliation, Virginia Mutual's A.M. Best Rating was upgraded from C+ to A++. (8/01)

Allianz USA - Acted as exclusive advisor to Allianz USA in its sale of its subsidiary, Fireman's Fund Direct to Direct Response Corp. Fireman's Fund Direct wrote approximately $35 million of premium in 2000 and provides Direct Response a regional platform for continued growth in the direct to consumer auto insurance business. (6/01)

Financial Industries Corporation - Acted as exclusive financial advisor to publicly traded Financial Industries Corporation in its merger with its partly owned, publicly traded affiliate, InterContinental Life Corporation. Philo Smith Capital advised on the proposed exchange rate and devised a suitable structure for the sale. The combined entity has revenues of $150 million and a book value of $171 million. (1/01)

State Auto Insurance Companies - Acted as exclusive financial advisor to State Auto Insurance Companies in its merger of State Auto Mutual Insurance with Meridian Mutual Insurance. The merger was followed by the purchase of the remaining publicly held shares of Meridian Insurance Group, Inc. not held by Meridian Mutual. The combined entity is the forty-eighth largest property casualty insurer in the United States, producing over $1 billion in annual premium. The total value of the two step transaction exceeded $220 million. (10/00)

GMAC Insurance Holdings, Inc. - Acted as exclusive financial advisor to GMAC Insurance in its purchase of the non-standard personal automobile insurance business of GuideOne Property Casualty Company. GuideOne produced $70 million in non-standard auto premiums throughout fourteen states. (9/00)

GuideOne Mutual Insurance Company - Acted as exclusive financial advisor to GuideOne Mutual Insurance Company in its sale of American Summit Group and National Group Corporation to NLASCO, Inc. The companies, along with their MGAs, insured mobile homes and low-value dwellings in Arizona and Texas with direct premiums of over $70 million. $68 million transaction. (9/00)

Connecticut Life & Casualty - Advised CL&C and negotiated sale to Response Insurance Group, Inc. CL&C is an outbound telemarketer and underwriter of preferred personal lines insurance operating in Connecticut only. Response is a direct response firm that will utilize CL&C's preferred telemarketing operation to enhance Response's marketing effort. CL&C's operation produced approximately $20 million in premiums in 1999. (8/00)

Queensway Financial Holdings Limited - Acted as exclusive financial advisor to Queensway Financial in the sale of the personal automobile insurance business of its subsidiary, International Indemnity Company, to The Northland Group. The auto business generates premiums of over $30 million primarily in the southeastern US. (4/00)

Motor Club of America - Initiated acquisition of White Mountains Insurance Company, a subsidiary of Unitrin, Inc. White Mountains is a New England regional property casualty company that writes commercial package business primarily in New Hampshire and Massachusetts, which are new states of operation for Motor Club. (3/00)

Tri-State, Ltd. - Retained by Tri-State to find a buyer with an interest in supporting Tri-State's non-standard and commercial automobile expansion plans in the upper Midwest. Positioned Tri-State with GAINSCO, Inc., a Fort Worth, Texas-based insurance holding company with specialty commercial and non-standard automobile operations. Tri-State writes in Minnesota, North Dakota, and South Dakota. (1/00)

Swiss Re Life & Health America - Initiated transaction of a block of in-force life insurance and annuity policies to Swiss Re Life from Seaboard Life Insurance Company, a wholly owned subsidiary of VASA Insurance Group, Inc. Swiss Re Life purchased policies with approximately $100 million in reserves produced by 600 personal-producing general agents. (11/99)

Ceres Group, Inc. - Advised Ceres and initiated its acquisition of Pyramid Life Insurance Company, a subsidiary of Unitrin, Inc. Pyramid Life's business, primarily senior citizen health insurance, complements Ceres' senior health operations which totaled more than $300 million in premiums in 1999. $68 million transaction. (10/99)

Personal Service Insurance Company - Retained to sell this Ohio-based underwriter of non-standard automobile and municipality business. PSCC's advice and ability to identify a buyer who had a strategic interest in growing in Ohio allowed family owners to maximize the value of their investment. PSCC positioned Personal Service with a strong acquirer, GuideOne Mutual Insurance Co. (6/99)

Royal Maccabees Life - Initiated acquisition of Royal Maccabees Life and Royal Life Insurance Company of New York by Swiss Re Life & Health, a subsidiary of Swiss Re Group. The two subsidiaries of Royal & Sun Alliance Insurance Group plc write $335 million in premiums. The acquisition further expands Swiss Re’s focus on the life and health sectors. $387 million transaction. (6/99)

American Indemnity Financial Corporation - Retained by American Indemnity to find a buyer interested in expanding into the property casualty market in Texas and surrounding states. The price paid by United Fire & Casualty Company represents a 33% premium over the closing price of the stock. $30.6 million transaction. (3/99)

State Auto Financial Corporation - Advised State Auto in the demutualization of Farmers Casualty Co. Mutual of West Des Moines, Iowa. (8/98)

Guardian Royal Exchange plc - Initiated transaction whereby GRE exchanged its Canadian operations for The Netherlands Insurance Company, a subsidiary of ING Group. The transaction satisfied both GRE’s and ING’s strategic interests by allowing each company to develop a stronger position in their respective markets. TNIC writes $750 million in property casualty business in the Midwest and Northeast. $1.15 billion transaction. (6/98)

Commercial Union Insurance Companies - Acted as financial advisor and initiated acquisition of Farmers Union Insurance Acquisition Corporation to Commercial Union. Farmers Union is the premier Midwest franchise writing farm and commercial accounts in rural America. Farmers Union gives Commercial Union an organization that has developed significant competitive barriers due to its exclusive affiliation with national and state farmers union serve organizations. Farmers Union writes approximately $200 million in premiums. $120 million transaction. (4/98)

Donegal Insurance Group - Initiated acquisition of Southern Heritage Insurance Company by Donegal. Donegal is primarily an East Coast personal lines writer and Southern Heritage writes approximately $36 million in Georgia, Virginia, Tennessee, Alabama, and Kentucky. $21 million transaction. (4/98)

State Auto Mutual Insurance Company - Provided fairness opinion to the Board of Directors of State Auto Mutual in its sale of Milbank Insurance Company to State Auto Financial Corporation. (4/98)

Atlantic Alliance Fidelity and Surety Company - Retained by Atlantic Alliance to find a buyer with an interest in expanding in the surety business. Positioned Atlantic Alliance with Queensway Financial Holdings Limited of Toronto. Queensway is an insurance holding company with various specialty property casualty operations in North America. Atlantic Alliance writes surety business in 12 states. (3/98)

Kingsway Financial Services, Inc. - Initiated acquisition of Southern United Holdings, Inc. by Kingsway. Kingsway is a Canadian-based holding company that is building a network of regional automobile companies in the United States. Southern United has direct written premiums of $60 million. $13 million transaction. (1/98)

Guarantee Life Insurance Companies - Acted as financial advisor to Guarantee Life and initiated acquisition of PFG, Inc. PFG is a holding company that owns American Guardian Life Insurance Company, an ordinary life insurance company, and Philadelphia Financial Group, a bank and annuity marketing company. PFG has assets of $160 million. $37 million transaction. (12/97)

Harleysville Group - Initiated acquisition of Minnesota Fire and Casualty Company, a subsidiary of Minnesota Mutual Life Insurance Company, by Harleysville Group. Minnesota Fire and Casualty writes standard property casualty insurance in Minnesota, the Dakotas, Iowa, and Wisconsin. $45 million transaction. (9/97)

Life Re Corporation - Initiated acquisition of New American Life Insurance Company, a subsidiary of General Accident Insurance Company of America by Life Re. New American sells ordinary life insurance through independent property casualty agents and has assets of $124 million. $21 million transaction. (10/96)

Meridian Insurance Group - Acted as financial advisor to Meridian and initiated the acquisition of Citizens Security Group, Inc. and Citizens Mutual Insurance Company. Citizens writes standard property casualty insurance in Minnesota, Iowa, Wisconsin, and the Dakotas. $29 million transaction. (7/96)

Life Re Corporation - Initiated transaction of $118 million block of in-force life insurance to Life Re Corporation from United Insurance Company of America, a wholly owned subsidiary of Unitrin, Inc. Life Re purchased approximately 46,000 life insurance policies produced by Unitrin’s agents. (6/96)

Pioneer Financial Services, Inc. - Advised PFS and initiated its acquisition of Universal Fidelity. Universal Fidelity’s business, primarily senior citizen health insurance, complements PFS’s senior health operation which totaled more than $230 million in premiums in 1994. $26 million transaction. (2/96)

Caliban Holdings - Provided financial services to Midland Management, a Caliban subsidiary that is an excess and surplus lines broker of specialty programs. (1/96)

Western Pioneer Insurance Company - Atlantis Plastics, Inc. retained PSCC in March, 1995 to maximize the value of this specialty California automobile writer. Since 1988, Atlantis had tried unsuccessfully to sell the company through various investment bankers. PSCC positioned the company with Commerce Group, Inc. as a strategic acquisition. The price paid, $12 million, was more than 20 percent higher than previous offers and at the top of Atlantis’ range. (10/95)

Winterthur Swiss Insurance Company - Acted as financial advisor to Winterthur and initiated the acquisition of Hoosier Insurance Company by Winterthur’s US subsidiary, General Casualty. Hoosier is a commercial multi-peril writer in Indiana. $36.5 million transaction. (10/95)

Career and CGA-Grodt-Moore General Agencies - Represented Preferred Risk Mutual in the sale of its insurance brokerage operation to Preferred Risk Financial. The sale allows Preferred Risk Mutual to focus on growing its core lines of business. (11/95)

First Security Title - Provided valuation and acquisition analysis. (1994) Liberty Corporation - Initiated acquisition of American Funeral, a pre-need life insurer by Liberty Life. The acquisition allowed Liberty Life to achieve economies of scale with its existing pre-need operations and enhance its marketing program. $28 million transaction. (1994)

The National Corporation - Retained to sell this Midwestern writer of nonstandard automobile insurance. PSCC’s advice allowed family owners to maximize its selling price. PSCC positioned National with a financially strong strategic acquisitor, GRE America Corp. $30 million transaction. (1994)

Preferred Risk Financial, Inc. - Provided financial advisory services to this holding company. Subsidiaries are involved in specialty property casualty and ordinary life insurance. (1994)

Preferred Risk Group - Retained to analyze the most effective structure for this $175 million surplus mutual insurance organization to access the capital markets. provided restructuring and financial advisory services on its implementation of a downstream stock company, and advice with respect to obtaining bank loans. (1994)

State Auto Insurance Companies - Represented State Auto as financial advisor in the acquisition of Milbank Insurance Company, a regional personal lines writer, from Royal Group, Inc. PSCC identified and initiated this transaction. As one of the few investment firms to follow State Auto, PSCC assisted State Auto in achieving its strategic objective of expanding in the Midwest. $50 million transaction. (1993)

Liberty Corporation - Initiated the acquisition of North American National Corporation to help Liberty expand in the pre-need life insurance business. Advised Liberty on North American's value and helped Liberty negotiate this $50 million transaction. (1993)

Niagara Exchange Corporation - Retained PSCC to find a strategic investor or acquisitor for this regional property casualty insurer. PSCC’s strong valuation skills maximized the ultimate price received by Niagara's shareholders; the offer that Niagara accepted from Selective Insurance Group was 155% higher than the market price on the day PSCC was initially engaged six months earlier. $35 million transaction. (1992)