COLUMBUS, Ohio – March 28, 2007 – State Automobile Mutual Insurance Company, Columbus, Ohio, today completed the purchase of the Beacon Insurance Group of Wichita Falls, Texas. With the acquisition, Texas becomes State Auto’s 29th state of operation.
Beacon writes approximately $50 million in direct written premium through more than 350 independent insurance agents in Arkansas and Texas. The transaction was announced on December 18, 2006.
“Bringing a Texas-based company like Beacon into the State Auto group offers a tremendous opportunity for profitable growth,” said Bob Restrepo, State Auto Chairman, President and CEO. “Working with the Beacon team and meeting their independent agents in recent months has confirmed our initial belief that we share similar business operations, agency forces, and corporate cultures. We remain confident that the transition will be seamless for Beacon’s policyholders, agents, and associates.”
Beacon’s headquarters is now State Auto’s Southwestern Regional Office headed by former Beacon President Lyndell Haigood.
Haigood, who has been named a State Auto regional vice president, earned an undergraduate degree from Midwestern State University in Wichita Falls, Texas, and a graduate degree from Southern Methodist University. He joined Beacon in 1997, and is active on the boards of the Association of Fire and Casualty Companies of Texas, the Southwest Insurance Information Service, and the Insurance Council of Texas.
The State Auto Insurance Companies, headquartered in Columbus, Ohio, are engaged primarily in writing personal and commercial insurance products through more than 3,300 independent insurance agencies in 29 states, and are proud to be a Trusted Choice® company partner. State Automobile Mutual is one of only 14 companies to be rated A+ (Superior) by the A.M. Best Company every year since 1954. Additional information on State Auto can be found at StateAuto.com.