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LEAWOOD, KS, December 31, 2009
/24-7PressRelease/ -- McCusker & Company, a national leading provider of service program consulting and warranty related services, announced today that its board of directors have authorized a resolution for the negotiation and due diligence for the firm to acquire a private insurance company.
"Procedures will be taken to promptly carry out the acquisition as soon as the balance sheet of any of the proposed insurance companies is endorsed by our due diligence team in the coming weeks," said McCusker & Company President Will L. McCusker. "The ownership base would be expanded in the new insurance entity by offering the proposed selling insurance company ownership of the profitable and growing warranty company."
The merger with a to-be-named insurance entity would allow McCusker & Company to offer proprietary insurance products that complement the firm's suite of warranty products and specialty service program consulting offerings.
It will also allow the firm to leverage the weakness in the economy by merging operations with a complementary business that will allow McCusker & Company customers access to additional products and services.
"We have researched all of our options for customers and client security along with a recent lack of stability of insurance companies and experience in some of the 'A rated carriers," McCusker said. "After reviewing the results, we have elected to make a major investment at this time."
According to the Insurance Information Institute, three Florida-based insurance companies have been found insolvent this year and are in the process of being liquidated. Meanwhile, according to an April 2009 AM Best report, there were seven property/casualty insurance companies liquidated in 2008. AM Best has also announced that they expect reserve adequacy to be pressured within the next 12 to 24 months.
"Our goal is to continue to review market opportunities and we will continue to utilize outside underwriting partners as well," McCusker said. "Since McCusker & Company is now focused on businesses in multiple markets, and currently manages thousands of dealer accounts, we feel it's in our best interest to take ownership of securing the best underwriting process."
More details about the transaction will be disclosed as information becomes available. For more information about McCusker & Company, and their full suite of warranty services, or to learn more about our opportunities for underwriters please visit their website at
www.mccuskerco.com.
About McCusker & Company
McCusker and Company is an extended warranty consulting firm founded by industry experts and is headquartered in Kansas with offices in Texas. They specialize in the extended warranty service contract industry providing consulting, extended warranty programs, service programs, management and support for your warranty call center and on-site service needs. They also function as litigation consulting experts on complex litigation projects, technology sales, and arbitration and industry disputes. The firm also founded and developed WarrantyKits.com and WarrantyGiftCard.com. For more information call 800-734-0819.
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