MENU
SEARCHSAN FRANCISCO -– An investor group led by the private equity firm Hellman & Friedman LLC has signed a stock purchase agreement to acquire Universal Underwriters Group from Zurich Financial Services Group.
SAN FRANCISCO -– An investor group led by the private equity firm Hellman & Friedman LLC has signed a stock purchase agreement to acquire Universal Underwriters Group from Zurich Financial Services Group.
The transaction is valued at approximately $1.1 billion. Universal Underwriters provides property and casualty insurance to U.S. franchised automotive dealerships.
Investing alongside Hellman & Friedman will be Farallon Capital Management LLC, GIC Special Investments Pte Ltd. and Universal Underwriters’ management. Post closing, the investor group will own 100 percent of Universal Underwriters. The transaction is expected to close in the third quarter of 2005, subject to regulatory approval.
"We are pleased to announce our acquisition of Universal Underwriters," said David R. Tunnell, managing director of Hellman & Friedman. "We believe this group has a unique franchise within the world of insurance by virtue of being a market leading direct writer that employs its own proprietary sales force to serve a specialty customer niche."
Universal Underwriters has maintained its own brand identity since it was acquired by Zurich in 1982. For the fiscal year ended Dec. 31, 2004, Universal Underwriters generated approximately $1.5 billion in gross written premium. The company currently employs about 1,800 people in its Overland Park, Kan., headquarters and 28 regional offices located throughout the United States.
The increasingly important profit center continued making gains in the first quarter, according to StoneEagle data, ancillary products proving more popular as consumers hold onto their buys longer.
Read More →
For dealer-owned reinsurance entities, avoiding volatility entirely can mean falling behind inflation and missing market rebounds that drive long term surplus growth. Missing just a handful of strong market days can materially impact cumulative returns—an important reminder for long horizon trust and investment strategies.
Read More →
In this video, Ryan Ruff explains the rule that elite sales professionals use to turn ordinary conversations into unforgettable customer experiences.
Read More →
What’s the atmosphere saying about you to your customers? You can make minor adjustments and additions that transform your space into one that creates trust with the people on the other side of the desk.
Read More →
How can auto dealerships help F&I managers fulfill their vital role in the most effective ways? Industry expert Rick McCormick shares his insights on the best ways to train these professionals and help them maintain good habits.
Read More →
More consumers and businesses are opting for all-season options for various reasons as safety, sustainability and convenience push practical change.
Read More →
It’s time to take the next digital step to free F&I managers to handle the most challenging aspects of customer meetings.
Read More →
Some of it should be given to the customer, but that doesn’t mean the F&I office relinquishes the process. In fact, a different approach both builds trust and boosts sales.
Read More →
Talk to F&I customers like you’d talk to a friend, without industry lingo or sales-like questions, and use hard proof to show, not tell, them about a need.
Read More →