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Access Purchases Massachusetts Book of Business from IAT

Staff Writer | November 29, 2016

Access Holdco Management, an insurance managing general agency focused on the non-standard auto market, has purchased the Occidental Fire & Casualty Company of North Carolina’s non-standard Massachusetts auto insurance book from IAT Insurance Group.

IAT is transitioning its directly produced (core) auto book to Access through the sale, but will continue to act as the issuing carrier via its subsidiary, Occidental Insurance Company. The Massachusetts book of business is approximately $35 million in annual premium and is distributed through a network of independent insurance producers. The purchase of the Occidental non-standard book constitutes a substantial stepping stone in Access’ evolution to diversify its offerings to their producers and insureds.

Access originates, underwrites, and provides policy and claims management for their insurance company partners. Over the past 22 years, Access has successfully managed books of business for numerous insurance companies. In December of 2015, Access received a substantial growth equity investment from Altamont Capital Partners, a middle market-focused private equity firm with significant experience investing within the insurance industry. Access is working alongside ACP to pursue opportunities to strengthen the Access book of business with targeted acquisitions.

, commented on the purchase:

“We are excited about the opportunity to enter the Massachusetts auto insurance market and further diversify our book of business,” says Michael McMenamin, Access president and CEO. “We are very pleased to partner with IAT and use our platform and expertise to manage the Occidental program.”

Bill Cunningham, CEO of IAT says, “We’ve long admired Access’ expertise in managing non-standard auto programs, as well as their technology platform, use of metrics and analytics, and first-class services. Having Access manage the Occidental Massachusetts book of business gives us great comfort knowing existing policyholders and producers will continue to receive a great product.”

 “We are thrilled with the purchase of Occidental’s Massachusetts business from the IAT Insurance Group, and are focused on supporting Access through other targeted acquisitions that leverage the scale and diversity of the Access technology platform and services,” says Keoni Schwartz, co-founder and managing director at ACP. 


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