(Omaha, Neb. Oct 16, 2019) Applied Underwriters, Inc. and its subsidiary
North American Casualty Co. ("A" rated, A.M. Best), a group of diversified,
national financial services companies, has been acquired by Applied's founder,
Steve Menzies, joined by the Quasha Group led by Quadrant Management. The
transaction, valued at $920MM, included the buyout of all other shareholders
including the 81% of the 25 year old Company's stock held by Berkshire
Hathaway Inc.
Widely known for its award winning Workers' Compensation programs,
Applied has consistently produced industry-leading low loss ratios and high
profits, and enjoys a stellar reputation for excellence in the care of injured
workers. Applied serves businesses of all sizes across the United States and
their hundreds of thousands of employees, working through more than
20,000 independent brokers. The Company is headquartered in Omaha,
Nebraska. Applied currently employs 800 people throughout the U.S.
Mr. Menzies stated, "I have been pleased to have had Berkshire as a partner
these many years, but the growth in Berkshire's other primary insurance
operations has created increasing channel conflicts for Applied. The
transaction will now allow Applied to expand with no concerns for channel
conflicts." Mr. Menzies added, "The future for Applied is very bright, as
construction on our new Omaha operations center at Heartwood Preserve
proceeds apace and as our financial results deliver consistent profits and
excellent coverage for our clients and their employees."
Mr. Alan Quasha, CEO of Quadrant Management, which has acquired the
services companies of Applied, observed that the complementary relationship
between the insurance and services companies will be increasingly
meaningful in the future as new products and programs are developed and
introduced. Mr. Quasha stated, "The combination of strengths that our
experience and our enterprises bring to Applied will foster robust organic
growth, as has long been Steve Menzies' approach in making Applied a
national leader, and our methods of continuously improving the companies
with which we are involved. We are both fully committed, motivated, and even
inspired by the new Applied formula which can be realized," he said.
Applied Underwriters, Inc. is a national leader in the provision of workers'
compensation insurance, other lines of commercial insurance, and risk
transfer and financing plans. Founded in 1994 by Steve Menzies, the
Company moved its operations to Omaha in 1999. In 2005, Berkshire
Hathaway took an interest in the Company and acquired an 81% share.
Today, Applied's two principal complementary divisions, primary insurance
carriers and its business services group, serve hundreds of thousands of
businesses and their employees across the United States.
For information contact Debbie Hilt, EG Integrated at 402 350 5222 or email:
debbie@egintegrated.com;