Washington Casualty sale
Commissioner Kreidler approved the sale of Washington Casualty Company to Medical Professional Mutual Insurance Company ("Pro Mutual") on August 25, 2009.
History of the process
We received the application for sale from ProMutual in mid-June 2009 . We requested additional information and received the information in early-July. We deem that application as complete and requested a hearing in late July.
A public hearing was held August 25, 2009. The judge approved the sale on the same day.
The Order and Form A application and related information can be found on the Commissioner's website.
What we look at
In all proposed sales, the companies must file an application (Form A) that details:
- Financial information for both companies.
- Who will operate the company at the highest levels.
- Their business plan.
- Market competition impacts.
Under state law, the commissioner must approve the deal unless:
- It would substantially lessen competition or create a monopoly.
- The buyer’s plans are unfair and unreasonable to the policyholders of the insurance company.
- The buyer isn't competent, honest or financially sound enough to run an insurance company.
- It is in some other way “hazardous or prejudicial to the insurance-buying public."