Austin, TX -PRNewswire- Building on a mainstay practice area while expanding its geographic reach, privately held Service Insurance Holdings, Inc. (SIHI), parent of Texas-based Service Lloyds Insurance Company, has announced the acquisition of American Healthcare Indemnity Company (AHIC), an Oklahoma-based insurer. The new entity will be rebranded as Service American Indemnity Company.
A primary goal of the acquisition is the augmentation and gradual expansion of the company’s business geographically. The acquisition will allow Service American Indemnity Company to write workers compensation insurance in up to 48 states. The new entity will also identify and introduce new programs that will create significant opportunities for growth and profitability.
“The launch of Service American Indemnity Company, integrated with Service Lloyds, represents one of the first steps in our strategy to execute measured, organic growth into targeted areas over the next few years,” said J. Kelly Gray, CEO of SIHI. “It will allow us to continue our tradition of unparalleled service in the workers compensation market as well as be responsive to the growing needs of customers and stakeholders.”
The acquisition will result in a planned pooling and reinsurance agreement under SIHI, and will result in the addition of significant new resources. The business will remain headquartered in Austin.