Applied Underwriters Sold for $920M

Applied Underwriters Inc. has been sold to its founder, Steve Menzies, and the Quasha Group for $920 million, Applied announced on Wednesday. The workers’ comp insurer and its subsidiary, North American Casualty Co., were 81% owned by Berkshire Hathaway Inc. Menzies said the deal will allow Applied to expand without worrying about creating conflicts with other workers' comp insurance companies that Berkshire owns. He said construction is continuing on Applied’s new operations center at Heartwood Preserve in Omaha, Nebraska. Applied employs 800 workers througho...