CHICAGO–(BUSINESS WIRE)–Dec. 16, 1999–Unitrin, Inc. (NASDAQ: UNIT) announced today that its subsidiary, Valley Insurance Company, has entered into a definitive agreement to sell Valley’s subsidiary, Mountain Valley Indemnity Company (formerly known as White Mountains Insurance Company), to Motor Club of America. (NASDAQ: MOTR). Mountain Valley, based in Manchester, New Hampshire, sells mainly commercial property and casualty insurance in the New England states and had direct written premium income of approximately $15 million for the first nine months of 1999. Motor Club, based in Paramus, New Jersey, is a provider of property and casualty insurance in the Northeast.
The transaction is expected to be completed in early 2000 following regulatory approval and satisfaction of other customary closing conditions.
Unitrin’s subsidiaries are engaged in property and casualty insurance, life and health insurance and consumer finance.
CONTACT: Unitrin, Inc.
Scott Renwick, 312/661-4930
KEYWORD: ILLINOIS NEW HAMPSHIRE
INDUSTRY KEYWORD: INSURANCE BANKING