The California Department of Insurance denied an application to approve the sale of California Insurance Co., citing an abrupt and unilateral decision to merge the company with an entity in New Mexico while questioning the integrity of the people who would assume control of the carrier.
Applied Underwriters announced last week that it was acquired by company founder Steve Menzies and Quasha Group for $920 million. Berkshire Hathaway held 81% of the company’s stock prior to the sale. The sale included Applied’s subsidiary, North American Casualty Co., a group that includes Cali...
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