*Direct Insurance Agencies In Merger Agreement

Share this article:
Direct Response Corp., White Plains, NY, which owns several automobile insurance direct marketing firms, yesterday said it agreed to acquire Connecticut Life & Casualty Co., Meriden, CT, a direct marketer of auto and homeowners insurance. The terms of the acquisition were not disclosed.


DRC, parent of Response Insurance, said it would seek to market Connecticut Life & Casualty in the states where DRC offers insurance, including California, New York, Florida, Illinois, Maryland and Georgia. CL&C will continue to operate under its current name, and Robert Weiss, chairman/CEO, will remain in that capacity.


CL&C, which has more than $13 million in in-force policies, said its growth had been limited by its lack of resources and capital. DRC said it recently received a $97 million investment from Morgan Stanley Dean Witter. It also said it is seeking to expand its direct marketing model nationally.


Both parties signed a letter of intent. The acquisition is subject to approval by the Connecticut Insurance Department and the completion of due diligence.
Share this article:
You must be a registered member of Direct Marketing News to post a comment.
close

Next Article in Opinions

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in Opinions

When Marketing and Sales Collide: Answers

When Marketing and Sales Collide: Answers

The head of marketing operations is doing just as much selling as marketing, sans the commission her sales colleagues earn. How should she handle it? See how our readers would ...

App of the Week: RescueTime

App of the Week: RescueTime

RescueTime aims to help users become more focused and productive.

Defending Direct: Answers

Defending Direct: Answers

Miranda Bell knows her program will pay off but CEO Dasha Atwala says to nix it. What should she do?