Applied Sets Acquisition Completion of Alaska Timber Insurance Exchange

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Applied Underwriters anticipates completing the acquisition of Alaska Timber Insurance Exchange as soon as the fourth quarter of 2021 as ATIE concludes its conversion from a reciprocal to a stock insurance company having received regulatory approval this past week.

An accord reached between Applied and ATIE in 2020 set the procedures now underway for the transaction, including North American Casualty Co.’s purchase of 41-year-old ATIE.

It is common practice for enterprises that were organized as a reciprocal, a mutual or other member benefit organization to become enabled to attract capital and to grow more readily in their field and in new areas of concentration through a conversion to a stock company. The conversion was approved by ATIE members on May 12, 2021 and has now received final regulatory approval by the Alaska Division of Insurance.

Applied Underwriters is a global risk services firm. Applied Underwriters operates widely throughout the US, UK, EU and Middle East. Its operational headquarters is located in Omaha, Nebraska.

Ketchikan, Alaska-based ATIE was formed in 1980 by members of the Alaska Loggers Association, which is now the Alaska Forest Association. ATIE’s membership includes employers located throughout Alaska.

Topics
Mergers
Alaska

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