With Stonybrook Capital as financial advisor, Wisconsin Re wholly-owned subsidiary, WRC Agency Inc., has closed on the sale of its book of business to Insural Insurance Solutions, Inc., a subsidiary of Farmers Union Service Association, LTD.
Based in North Dakota, US, Insural is a provider of insurance brokerage services specialising in supporting rural communities and underserved agencies.
The acquisition of WRC Agency, Inc. helps Insural build its book of business as well as expand its brand and access to its services across the Midwest, the firm stated
WRC Agency Inc. provides insurance brokerage services, it was formed in 1984 and is currently based in Madison, Wisconsin.
According to WRC President & CEO Jason A. Fogg, the transaction went incredibly smooth. He said: “Our investment bank, Stonybrook Capital, advised us on this transaction. We met with many potential suitors from all over the country and Insural and their parent, Farmers Union, were by far the best partners we could have hoped for in this transaction.”
“Their integrity, depth of knowledge and commitment to the rural and agricultural community will allow for a seamless transition and continued excellent customer service. We’re confident the agents we support will be in good hands going forward,” Fogg continued.
Stonybrook Capital served as the exclusive financial advisor to Wisconsin Reinsurance Corporation. Itl is a specialist strategic advisory and investment banking firm focused exclusively on the insurance industry.
The firm’s role in the transaction included structuring the transaction, creation of marketing materials, targeted marketing effort to achieve the best terms for WRC, oversight of the due diligence process and assistance with execution.