ATLANTA, Nov. 30, 2016 /PRNewswire/ -- Access Holdco Management, LLC (Access), a leading insurance managing general agency focused on the non-standard auto market, has purchased the Occidental Fire & Casualty Company of North Carolina (Occidental) Massachusetts non-standard auto insurance book from IAT Insurance Group (IAT). Occidental, a diversified property and casualty insurance company, is part of the IAT Insurance Group, and recently had its Financial Strength Rating (FSR) of A- (Excellent) and Long-Term Issuer Credit Ratings (ICR) of "a-" affirmed by A.M. Best.
IAT is transitioning its directly produced (core) auto book to Access through the sale, but will continue to act as the issuing carrier via its subsidiary, Occidental Insurance Company. The Massachusetts book of business is approximately $35 million in annual premium and is distributed through a network of independent insurance producers. The purchase of the Occidental non-standard book constitutes a substantial stepping stone in Access' evolution to diversify its offerings to their producers and insureds.
Access, a full-service managing general agency, originates, underwrites, and provides policy and claims management for their insurance company partners. Over the past 22 years, Access has successfully managed books of business for numerous insurance companies. In December of 2015, Access received a substantial growth equity investment from Altamont Capital Partners ("ACP"), a middle market-focused private equity firm with significant experience investing within the insurance industry. Access is working alongside ACP to pursue opportunities to strengthen the Access book of business with targeted acquisitions.
Michael McMenamin, Access President and CEO, commented on the purchase: "We are excited about the opportunity to enter the Massachusetts auto insurance market and further diversify our book of business. We are very pleased to partner with IAT and use our platform and expertise to manage the Occidental program."
Bill Cunningham, Chief Executive Officer of IAT said: "We've long admired Access' expertise in managing non-standard auto programs, as well as their technology platform, use of metrics and analytics, and first-class services. Having Access manage the Occidental Massachusetts book of business gives us great comfort knowing existing policyholders and producers will continue to receive a great product."
Keoni Schwartz, Co-Founder and Managing Director at ACP, said: "We are thrilled with the purchase of Occidental's Massachusetts business from the IAT Insurance Group, and are focused on supporting Access through other targeted acquisitions that leverage the scale and diversity of the Access technology platform and services.
About Access Holdco Management, LLC
Access offers specialty property and casualty automobile insurance programs that include low down payments, flexible payment plans, easy reinstatements, and bilingual customer services to meet the needs of the nonstandard customer. These products are distributed through a network of carefully selected independent insurance producers.
Known as a leader in the insurance industry, the company's focus on technology innovation ensures an enhanced customer experience through streamlined, accurate, and user-friendly processes. Access utilizes technology paired with human intellectual capabilities to efficiently manage over $300 million in premiums annually, partnering with 9,000 independent insurance producers to insure its policyholders.
Access is the fifth largest non-standard auto provider in California, ranking in the top 30 non-standard auto groups in the USA. The company has consistently been recognized as a top privately-held company, and has received multiple awards for technology innovation in the insurance industry.
Access was founded in 1994 and is headquartered in Atlanta, Georgia. For more information, visit www.access.com.
About Altamont Capital Partners
Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with over $1 billion of capital under management. Altamont is focused on investing in middle market businesses with leading management teams, helping its portfolio companies reach their full potential. The firm's principals have significant experience building business success stories across a range of industries, including financial services, government services, consumer/retail, industrials, and healthcare, and have made numerous investments in the insurance sector. For more information, visit www.altamontcapital.com.
About IAT Insurance Group
IAT Insurance Group is a global insurance organization made up of five operating divisions – each sharing the same quality standards, commitment to service and innovation, and an overall mission of excellence. IAT Insurance Group leverages its experienced leadership talent, sound analytics, proven operating platforms, and extensive risk capabilities across the entire enterprise to deliver specialized, sustainable solutions for its commercial and personal lines clients. To learn more, visit www.iatinsurancegroup.com.
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SOURCE Altamont Capital Partners