AUW founder, Steve Menzies, Acquires Insurance Companies from Berkshire Hathaway in $920MM Transaction.

"A" rated national insurer has started construction on new Omaha operational center to house up to 2,000 in staff, as planned expansion continues apace

Omaha, Neb. -- Applied Underwriters, Inc. and its subsidiary North American Casualty Co. ("A" rated, A.M. Best), a group of diversified, national financial services companies, has been acquired by Applieds founder, Steve Menzies, joined by the Quasha Group led by Quadrant Management. The transaction, valued at $920MM, included the buyout of all other shareholders including the 81% of the 25 year old Company's stock held by Berkshire Hathaway Inc.

Widely known for its award winning Workers' Compensation programs, Applied has consistently produced industry-leading low loss ratios and high profits, and enjoys a stellar reputation for excellence in the care of injured workers. Applied serves businesses of all sizes across the United States and their hundreds of thousands of employees, working through more than 20,000 independent brokers. The Company is headquartered in Omaha, Nebraska. Applied currently employs 800 people throughout the U.S.

Mr. Menzies stated, "I have been pleased to have had Berkshire as a partner these many years, but the growth in Berkshire's other primary insurance operations has created increasing channel conflicts for Applied. The transaction will now allow Applied to expand with no concerns for channel conflicts." Mr. Menzies added, "The future for Applied is very bright, as construction on our new Omaha operations center at Heartwood Preserve proceeds apace and as our financial results deliver consistent profits...