GBLI (Global Indemnity Group) announced that its subsidiary American Reliable Insurance Company has sold its Farm, Ranch, and Equine book of renewal business to Everett Cash Mutual.
GBLI also announced that it agreed to sell ARIC to Everett Cash Mutual (ECM), which, subject to regulatory approvals and customary transactional conditions, is expected to close in or before the first quarter of 2023. GBLI and ECM anticipate that the renewal rights and acquisition transactions will further enhance ARIC’s provision of products and services to both ARIC’s policyholders and to ARIC’s agency partners.
Everett Cash Mutual Insurance Co., founded in 1913, is committed to serving the insurance needs of the agricultural community.” Shaw added that “ECM’s acquisition of ARIC will shift ECM from a regional carrier to a national provider with combined gross written premium approaching $200 million. We look forward to engaging with American Reliable employees and agents in the coming days.
ECM’s President and CEO, Randy Shaw
David Charlton, GBLI’s Chief Executive, remarked:
“GBLI will be working closely with ECM to assure that the renewal rights and acquisition transactions will be seamless for ARIC policyholders and ARIC’s agent partners. In that regard, we encourage ARIC’s agents to partner with ECM, who is a carrier dedicated to processing Farm, Ranch, & Equine insurance.” Charlton added that, “These transactions will also enable GBLI to further sharpen its focus on the company’s core small and middle market commercial specialty casualty businesses”.
