Business & Finance
Tue, January 10, 2012Mon, January 9, 2012Sun, January 8, 2012Sat, January 7, 2012Fri, January 6, 2012Thu, January 5, 2012Wed, January 4, 2012Tue, January 3, 2012Mon, January 2, 2012Sat, December 31, 2011Fri, December 30, 2011Fortegra Financial Expands Relationship With Hancock Holding Company
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Published in Business and Finance on Thursday, January 5th 2012 at 13:46 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
January 05, 2012 16:42 ET
Fortegra Financial Expands Relationship With Hancock Holding Company
JACKSONVILLE, FL--(Marketwire - Jan 5, 2012) - Fortegra Financial Corporation (
In addition, Fortegra has acquired Magna Insurance Company from Hancock Holding Company. Fortegra's Payment Protection subsidiary, Life of the South Insurance Co., has assumed the entire business underwritten by Magna, including its credit, annuity and mortgage life business, pursuant to a reinsurance transaction that closed effective December 1, 2011. The purchase of Magna Insurance Company closed on December 29, 2011. The terms of this transaction were not disclosed. Fortegra intends to sell Magna and its twelve State Certificates of Authority, which are redundant with Life of the South's certificates, in 2012.
"We are thrilled to broaden our long standing relationship with Hancock, a premier financial services company," commented Richard S. Kahlbaugh, Fortegra's Chairman, President and CEO. "This transaction further allows us to expand our administration business to include annuity and mortgage life products in our Business Process Outsourcing (BPO) segment, Consecta."
"Fortegra is a company that we have respected and conducted business with for several years. This mutually beneficial transaction involving the sale of Magna Insurance Company to Fortegra is an indication of the comfort and trust our respective companies have in each other," said Clifton Saik, Executive Vice President of Hancock Holding Company.
About Fortegra
Fortegra Financial Corporation is an insurance services company that provides distribution and administration services and insurance-related products to insurance companies, insurance brokers and agents and other financial services companies in the United States. It sells services and products directly to businesses rather than directly to consumers. Fortegra's brands include Life of the South, Consecta, Bliss & Glennon, eReinsure, Motor Clubs, and Pacific Benefits Group.
About Hancock
Hancock Holding Company, the parent company of Hancock Bank and Whitney Bank, has assets of approximately $20 billion and operates almost 300 branches and nearly 400 ATMs across Mississippi, Louisiana, Alabama, Florida, and Texas. The Hancock Holding Company family of financial services companies also includes Hancock Investment Services, Inc.; Hancock Insurance Agency and Whitney Insurance Agency, Inc.; corporate trust offices in Gulfport and Jackson, Miss., New Orleans and Baton Rouge, La., and Orlando, Fla; and Harrison Finance Company. Additional information is available at [ www.hancockbank.com ] or [ www.whitneybank.com ].
