In December 2009, First Bank of Clayton, Missouri completed the sale of its insurance premium finance subsidiary, Universal Premium Acceptance Corporation (“UPAC”), to Premium Financing Specialists, Inc. (“PFS”) of Kansas City, Missouri. Terms of the transaction were not disclosed. Founded in 1954, UPAC is one of the ten largest insurance premium finance companies in the United States. PFS is the largest independent premium finance provider in the nation. Colonnade Securities LLC served as exclusive financial advisor to First Bank and UPAC. … [Read more...]
Colonnade advises The Hanover Insurance Group on its sale of AMGRO to Premium Financing Specialists
In June 2008, The Hanover Insurance Group, Inc. (NYSE:THG) of Worcester, Massachusetts sold its insurance premium finance subsidiary AMGRO, Inc. to Premium Financing Specialists, Inc. (PFS) of Kansas City, Missouri. Terms of the transaction were not disclosed. PFS is the second largest insurance premium finance company in the United States. AMGRO is the tenth largest premium finance company. Colonnade Securities LLC served as exclusive financial advisor to The Hanover Insurance Group and AMGRO on the transaction. … [Read more...]
Colonnade Advises PFS on its Completed Acquisition of Mepco’s Premium Finance Business from Independent Bank Corporation
January 2007 Independent Bank Corporation (Nasdaq: IBCP), a Michigan-based bank holding company (“IBC” or the “Company”), reported that its subsidiary, Mepco Insurance Premium Financing, Inc. (“Mepco”), has closed the transaction to sell substantially all of its assets related to the insurance premium finance business to Premium Financing Specialists, Inc. (“PFS”). Mepco will continue to own and operate its warranty payment plan business. Colonnade Advisors LLC initiated this transaction and served as exclusive advisor to PFS. Under the terms of an amended definitive agreement, Mepco and its wholly-owned subsidiary, Mepco Acceptance Corp. (“MAC”), sold approximately $180 million of … [Read more...]
Colonnade Advises Capitol Payment Plan on its Sale to Premium Financing Specialists
November 2006 Premium Financing Specialists, Inc. (“PFS”) has completed its acquisition of assets from Capitol Payment Plan, Inc. (“Capitol”). Capitol is an insurance premium finance company headquartered in Albany, NY that extends short-term, collateralized financing to facilitate the purchase of insurance for personal and commercial property, casualty and liability risk. Capitol is a leader in financing non-standard automobile insurance policies in New York State through the state’s assigned risk plan. www.cappay.com Headquartered in Kansas City, MO, PFS has operated in the premium finance industry for 30 years and is the fourth largest company in the industry with $1 billion of … [Read more...]