Bristol West to Acquire Reliant Insurance and Reliant Casualty Insurance.Business Editors DAVIE, FL & CLEVELAND--(BUSINESS WIRE)--Jan. 12, 2001 Acquisition Further Expands Bristol West's Non-Standard Auto Insurance Product Line and Geographic Reach; Fortifies Management Team Bristol West Insurance Group today announced that its subsidiary Coast National Insurance Company has signed a definitive agreement to acquire Reliant Insurance Company and Reliant Casualty Insurance Company, including certain assets and renewal rights. The acquisition will combine leaders in non-standard auto insurance. Reliant Insurance and Reliant Casualty Insurance are the non-standard automobile insurance operations of Reliance Insurance Company. Based in Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. , the Reliant companies are licensed in 34 states. Bristol West had approximately $240 million in gross written premiums in fiscal 2000. Its insurance companies are licensed in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , Florida, Nevada, Pennsylvania, and Texas. The Reliant renewal rights being purchased under the agreement represent in excess of $150 million in annual gross written premiums. 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. Jeffrey Dailey and the management of the Reliant companies will join Bristol West following the close of the transaction, which is expected by the end of March 2001. At that time, Mr. Dailey will become the Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Bristol West. The transaction is subject to regulatory approvals. James R. Fisher, Chairman and Interim CEO of Bristol West, said, "Due to the excellent work of Jeff Dailey and his team, Reliant Insurance and Reliant Casualty have rapidly become well-known and respected names in non-standard auto insurance. The combination of our operations will dramatically expand Bristol West's high quality product offering and allow us to offer it to customers across a significantly larger geographic area, resulting in dynamic growth. We welcome Jeff and his team, and we are excited about the prospects this transaction holds for Bristol West's future." Mr. Dailey added, "Over the last four years at the Reliant companies, we have built one of the strongest teams in our industry, and we feel confident that joining with Bristol West will allow us to even better equip e·quip tr.v. e·quipped, e·quip·ping, e·quips 1. a. To supply with necessities such as tools or provisions. b. our agents to address the needs of their customers. In that regard, we are delighted to become part of Bristol West, an established and highly regarded player in the auto insurance arena, and we look forward to working with their team to leverage our franchises." Perry Golkin, a member of Kohlberg Kravis Roberts Kohlberg Kravis Roberts & Co (commonly referred to as KKR) is a New York City-based private equity firm that focuses primarily on late-stage leveraged buyouts. It was founded in 1976 by Jerome Kohlberg, Jr., and cousins Henry Kravis and George R. & Co., which acquired Bristol West in 1998, said, "This transaction will allow Bristol West to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. its superior product offering and customer service capabilities in order to establish itself as a national leader in the non-standard auto insurance marketplace. To that end, the combined strengths of Bristol West and the Reliant companies will provide the management team with an ideal foundation to spearhead significant growth well into the future." About Bristol West Founded in 1973, Bristol West Insurance Group is today one of the largest non-standard private passenger automobile insurance underwriters in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Through its insurance company subsidiaries, Coast National and Security National, Bristol West is dedicated to providing its customers with superior service by offering competitive rates and unique plans that meet their specific needs and expectations. Headquartered in Davie, Florida Davie is a town in Broward County, Florida, United States. In 2006, the U.S. Census Bureau estimated the city's population at 84,350.[3] It is part of the South Florida metropolitan area, which is home to 5,463,857 people. , Bristol West was acquired by an affiliate of KKR KKR Korringa-Kohn-Rostoker (method) KKR Kohlberg, Kravis & Roberts & Co. KKR Kalkara (postal locality, Malta) KKR Kramers-Kronig Relations KKR Komarappa Gounder Ramalingam (hospital in India) , the private investment firm, and its management team in July 1998. |
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