TITAN HOLDINGS ACQUIRES IMPERIAL MIDWEST INSURANCE CO.
TITAN HOLDINGS ACQUIRES IMPERIAL MIDWEST INSURANCE CO. SAN ANTONIO, Texas, April 28 /PRNewswire/ -- Titan Holdings, Inc., a
San Antonio-based insurance and financial services group, announced today the acquisition of Imperial Midwest Insurance Company (IMIC).
IMIC is a property and casualty insurer located in Farmington Hills, Mich. The company specializes in underwriting non-standard automobile insurance in the state of Michigan. IMIC President Tom Mangold will continue to head the IMIC management team, according to Titan Chairman Mark E. Watson Jr. Watson will assume the additional responsibility of chairman of IMIC. According to Mike Bodayle, chief financial officer of Titan, the IMIC acquisition reflects Titan's business plan to acquire niche insurers with strong management and profits. Additionally, he said, Titan is seeking opportunities to add products and services to be distributed by Titan's 2,000 contract agents. Titan's just released income for the quarter ending March 31, 1992 was $1.2 million pre-tax, while IMIC's income for the same period was approximately $780,000. The combined assets of Titan and IMIC will exceed $104 million, with a policyholders surplus of more than $32 million. -0- 4/28/92 /CONTACT: Mike Bodayle of Titan Holdings, 512-824-4546, or Cary Corbin, Dublin-McCarter & Associates, 512-227-0221, for Titan Holdings/ CO: Titan Holdings, Inc.; Imperial Midwest Insurance Company ST: Texas, Michigan IN: INS SU: TNM
KD -- NY145 -- 4088 04/28/92 18:11 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Apr 28, 1992|
|Previous Article:||NEW YORK STOCK EXCHANGE CLOSING, TUESDAY, APRIL 28 /PRN/|
|Next Article:||LOUIS R. HUGHES ELECTED CHAIRMAN, SAAB AUTOMOBILE AB|