Steelmaker Will Sell Tustin’s Pacific National Insurance
A small, Orange County-based business property and liability insurer with 95 employees is part of a group of insurance firms being sold by giant stainless steel maker Armco Inc. to Vik Bros. Insurance Inc. of Raleigh, N.C.
A spokesman for Northwestern National Holding Co., the Armco subsidiary that owns 50-year-old Pacific National Insurance, said Wednesday that the Tustin company is one of three business insurance units involved in the approximately $85-million sale.
Privately held Vik, the spokesman said, has no plans to relocate or otherwise change operations at the company, which recently moved its headquarters to Tustin from Fullerton.
Completion of the sale is subject to approval by regulatory authorities in California, Wisconsin, Indiana and Texas.
Armco said it is selling its ongoing insurance operations to concentrate on specialty steel production.
The insurance companies, all owned by Armco subsidiary Northwestern National Holding Co. of Milwaukee, are Pacific, with $35 million a year in premiums; Milwaukee-based Northwestern National Casualty Co., with $185 million in annual premiums, and Statesman Insurance Co. of Indianapolis, with $45 million in annual premiums.