Nationwide Mutual Insurance Co. has agreed to purchase THI Holdings Inc. 鈥� the domestic, non-standard auto business of Prudential Financial Inc. that is marketed under the Titan Insurance Co. and Victoria Insurance Group brands.
The purchase is part of the Columbus, Ohio-based company’s strategy of providing a wide range of products through all distribution channels, according to Nationwide CEO Galen Barnes.
Currently, Nationwide offers non-standard auto insurance through Nationwide Insurance agents, and through independent agents via Allied Insurance. In 2002, Nationwide Insurance’s net written premium for non-standard auto totaled $615 million; Allied’s non-standard net written premium totaled $137.6 million.
Nationwide Insurance intends to run the company as a separate business unit that complements the overall Nationwide market strategy.
THI Holdings, based in Cleveland, is a top-10 writer of non-standard auto insurance with $265 million net premiums written in 2002. Through the Titan and Victoria brands, THI Holdings operates in 21 states via 7,500 independent agents and through direct sales. THI Holdings is rated an A- (Excellent) by A.M. Best.
Nearly three-quarters of the 734 THI Holdings’ employees are located in Cleveland, Ohio, Troy, Mich., San Antonio and Phoenix. An additional 200 employees are in sales offices throughout the Midwest and West.
Credit Suisse First Boston acted as a financial advisor to Nationwide in the transaction.
Topics Auto
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