Berkshire Hathaway Subsidiary Acquires AARIS & ACCA.STAMFORD, Conn. & SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- Columbia Insurance Company, a member of the Berkshire Hathaway Group of Insurance Companies, (NYSE NYSE See: New York Stock Exchange :BRK BRK Break BRK Broken (meteorological, cloud cover) BRK Bayerisches Rotes Kreuz (Bavarian Red Cross) BRK Berkshire Hathaway (stock symbol) BRK Brick .A) announced today they have agreed to acquire American All-Risk Insurance Services (AARIS) and American Commercial Claim Administrators (ACCA ACCA Air Conditioning Contractors of America Association, Inc. ACCA Association of Chartered Certified Accountants ACCA American Corporate Counsel Association ACCA Association Communale de Chasse Agréée (France) ), both wholly-owned subsidiaries of Acacia Pacific Holdings (APH APH American Printing House for the Blind, Inc. APH Actual Production History APH Association of Personal Historians APH Antepartum Hemorrhage APH A Pleasurable Headache (Matthew Good Band community) ). AARIS and ACCA are privately held companies privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. that provide underwriting, operational, and claims management services for California Workers Compensation business placed through AARIS' agency distribution network (www.aarisinsurance.com). National Liability & Fire Insurance Company, another member of the Berkshire Hathaway Group of Insurance Companies, has been writing its California Workers Compensation business through AARIS since October 2004. Terms of the transaction were not disclosed. The transaction is scheduled to close in July 2006. Lou Rovens, the founder and principal owner of the entities, will continue to operate Acacia Pacific Holdings and its related non-workers compensation insurance activities. The acquired AARIS/ACCA operations will continue to be managed by President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Rob Darby, who has been managing the companies since February 2005. AARIS and ACCA are headquartered in San Francisco, and ACCA maintains a branch claims office in San Diego. "Becoming part of the Berkshire Hathaway family of companies is a great opportunity for our management, staff and employees," said Mr. Darby. "This acquisition will provide value to our current client partners, agents, brokers, and their customers, by giving them a stable market and unsurpassed financial strength. We look forward to a long and mutually rewarding relationship, as well as becoming fully integrated into the Berkshire Hathaway family." AARIS and ACCA provide workers compensation insurance solutions for a wide range of companies of various sizes and in diverse industries in California. Their underwriting products include MaxiComp, EconoComp, and eQUOTE, an online rating program. |
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