An Iowa company has signed an agreement to acquire Carnegie Holdings Inc. of Camarillo.
Carnegie, which has annual revenues of more than $30 million, is a specialty insurance holding company. It services the nonstandard auto insurance market through a variety of companies, including Carnegie Agency Inc., Millennium Insurance Co., and Platinum Claims Services Inc.
The proposed acquisition is the fourth this year for GuideOne Insurance of West Des Moines, Iowa. The terms of the Carnegie transaction were not disclosed.
The acquisition marks GuideOne’s entrance into the California nonstandard auto insurance marketplace. Officials said the company strategy is to focus on niche markets in the insurance industry.