Embark General has agreed to assume the auto insurance business of Houston, TX-based insurance company ACCC in two states.
Nations General Insurance Agency, a subsidiary of Embark General, will assume ACCC’s auto insurance policies written in Texas and Alabama. The assumption of the business will be effective December 01, 2020 and is still subject to final court approval.
Embark General said that it is “actively working” with the Texas Department of Insurance and Special Deputy Receiver (SDR) to ensure a smooth transition of business. The insurer also said that additional communication will be provided directly to both ACCC clients and agents regarding the transition.
ACCC Insurance was placed into receivership on October 21, 2020 at the request of the Texas Department of Insurance. The company’s application for liquidation was filed November 24, 2020. Apart from Texas and Alabama, the privately held ACCC offered its insurance products in the states of Georgia, Mississippi, New Mexico and South Carolina.
“Embark General has an exceptional reputation in the non-standard market,” said Embark General president Bill Caldwell. “We are committed to sound financial growth through a combination of strategic acquisitions and responsible product pricing in our existing markets.”
Caldwell added that this is Embark General’s third acquisition for the year of this type, and that the company has developed “a core competency in efficiently transitioning distressed books of business” on to its platform.