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Midland Financial is an underwriter of non-standard automobile insurance.
Midland was a rapidly growing publicly-held underwriter of non-standard auto insurance with $180 million in annual premium revenues.
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.
Croft & Bender was instrumental in quickly negotiating a subsequent agreement for the sale of the company to Progressive Corporation.