Posted on 09 Jun 2010
A Phoenix, Arizona-based specialty insurance provider, MiniCo, sold its insurance agency operations, MiniCo Insurance Agency, to a New York-based insurance services provider.
Terms of the sale to Aran Insurance Services Group, based in Rockville Centre, New York, were not disclosed.
Company officials said MiniCo Insurance will continue to operate from its Phoenix headquarters providing commercial insurance, tenant insurance and publishing products and services.
“This is the first in a series of strategic moves by which we will position Aran Insurance as a leading provider of specialty insurance,” said Tim Kenny, executive chairman of Aran Insurance Services Group, in a statement.
Aran Insurance President and CEO John LaCava said the deal, one of two the company announced recently, “represent further steps toward our goal of building a suite of diversified insurance products that will serve the United States and Canadian markets.”
Mike Schofield, president and CEO of MiniCo Insurance Agency, said in a statement that the deal enables his company to join “a growing multi?faceted insurance organization that will allow a wide range of insurance products to be made available to customers.” He added that the company will remain with Liberty Agency Underwriters, its underwriting partner.
Hardy Good, founder of MiniCo, will assist in the transition and remain a special advisor to the board of directors of MiniCo Insurance Agency, officials said.
MiniCo’s insurance products include MiniPak Gold commercial property and liability coverage, MiniPak Silver general liability only coverage, TenantOne Direct customer storage insurance, and MiniCo pay-with-rent tenant insurance. Publications include Mini-Storage Messenger, Self?Storage Now!, the Self-Storage Almanac, and the Self-Storage Development Handbook.
Focused on the self-storage industry, MiniCo Insurance Agency began operating in 1974.