Embark General taking over auto insurance business in two states, Houston and TX-based insurance company ACCC.
While Embark will assume ACCC’s auto insurance policies written in Texas and Alabama, which is the the nations General insurance agency, a subsidiary.
This assumption of the business will be effective from December 1, 2020 and which is still subject to final court approval.
For a smooth transition of the business, Embark General has hereby working with the Texas Department of Insurance and Special Deputy Receiver (SDR).
The insurer also said that additional communication will be provided directly to both ACCC clients and agents regarding the transition.
Texas Department of Insurance placed ACCC Insurance into receivership on October 21, 2020. And the company’s application for liquidation was filed on November 24, 2020.
Apart from Texas and Alabama, the privately held ACCC offered its insurance products in the states of Georgia, Mississippi, New Mexico and South Carolina.
Embark General President Bill Caldwell, said Embark has an exceptional reputation in non-standard market.
“We are fully committed to good financial growth through a combination of strategic acquisitions and responsible product pricing in our existing markets.”
He added that, this is Embark General’s third acquisition for the year of this type, the company has developed what call “a core competency in efficiently transitioning distressed books of business” on to its platform.