SafeAuto To Acquire AutoTex MGA
Safe Auto Insurance Group Reaches Agreement To Acquire Dallas-Based Managing General Agency AutoTex MGA In A Private Deal Expected To Close At The End Of March
COLUMBUS, Ohio — March 2, 2015 — Safe Auto Insurance Company announced today that it has reached an agreement to acquire AutoTex MGA, a Dallas-based managing general agency providing specialized auto insurance products, through its holding company Safe Auto Insurance Group. In the company’s first-ever acquisition, SafeAuto is buying AutoTex in a private deal with its parent company NationsBuilders Insurance Services that is expected to close at the end of March.
Founded in 2012 by a group of insurance professionals with more than 50 years of combined experience, AutoTex provides specialty auto insurance products through independent agents in Arizona, Arkansas, Nevada and Texas. AutoTex is backed by multi-state insurer NationsBuilders Insurance Services (NBIS).
“We are excited to welcome the AutoTex team into SafeAuto,” said Ron Davies, president and chief executive officer of SafeAuto. “SafeAuto has long had a goal of moving beyond its traditional consumer-direct model to serve customers how they want to shop and buy—whether by phone, online or through independent agents. AutoTex will bring significant complementary capabilities to our operations that will allow us to make significant progress toward our goal.”
“The AutoTex team shares a common determination for success that aligns well with SafeAuto’s company culture,” said Bill Tepe, president of NBIS. “We are proud of the accomplishments the AutoTex team made in such a short period of time and are excited about their future with the SafeAuto family.”
Along with its direct business, SafeAuto underwrites auto insurance policies in California sold through more than 2,000 independent producers. SafeAuto also operates two storefront locations in Columbus, Ohio, and in recent months has expanded its insurance product offering within its existing operational footprint through partnerships with other carriers.
Stonybrook Capital LLC acted as exclusive financial advisor to NBIS.
Founded in 1993, SafeAuto is a leading provider of minimum-limit auto insurance for drivers in 17 states. Based in Columbus, Ohio, SafeAuto is committed to providing the right car insurance for the right price. For more information, visit www.SafeAuto.com.
About NationsBuilders Insurance Services
NationsBuilders Insurance Services, Inc., is the premiere provider of insurance and risk management solutions to the heavy construction industry and the exclusively endorsed provider for the Specialized Carriers & Riggers Association. Providing coverage and risk management services that work for you to prevent losses and give your company the best fighting chance in the event of a claim. For more information, visit www.NBIS.com