Midland Financial Group

• Industry Business Services
• Type M&A Sell-Side

About
Midland was a rapidly growing publicly-held underwriter of non-standard auto insurance with $180 million in annual premium revenues.

Situation
Midland's reserves were coming under pressure and Croft & Bender represented its Board in negotiating a sale to Danielson Holdings for $80 million. The transaction was terminated when the CEO's of both companies were killed in the crash of TWA Flight # 800.

Result
Croft & Bender was instrumental in quickly negotiating a subsequent agreement for the sale of the company to Progressive Corporation.