Fortegra (FRF) Expands Hancock Holding (HBHC) Relationship; Acquires Magna Insurance
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Fortegra Financial Corporation (NYSE: FRF) has expanded its relationship with Hancock Holding Company (Nasdaq: HBHC). Fortegra has extended its marketing agreement with Harrison Finance, a subsidiary of Hancock Holding, for three additional years.
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.
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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.
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