Divestiture • Insurance

Innovate Acquires United Teacher Associates Insurance Co.

On December 24, 2015, Innovate acquired insurance company United Teacher Associates Insurance Co. from American Financial Group

Acquisition Context
  • This is Innovate’s 2nd transaction in the Insurance sector.
  • This is Innovate’s 3rd transaction in the United States.
  • This is Innovate’s 1st transaction in Texas.

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M&A Deal Summary

Date December 24, 2015
Target United Teacher Associates Insurance Co.
Sector Insurance
Buyer(s) Innovate
Sellers(s) American Financial Group
Deal Type Divestiture

Target Company

United Teacher Associates Insurance Co.

Austin, Texas, United States
United Teacher Associates Insurance Co. is a provider of insurance services.
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Buyer Overview 1

Buyer

Innovate

New York, New York, United States

Category Company
Founded 1994
Sector Diversified
Employees3,135
Revenue 1.1B USD (2024)
DESCRIPTION

Innovate is a diversified holding company that seeks to acquire and grow businesses that generate sustainable free cash flow. Innovate has a diverse array of operating subsidiaries, each with its own dedicated management team, across a broad set of industries, including, but not limited to, telecom/infrastructure, large-scale U.S. construction, energy, and life sciences. Innovate was founded in 1994 and is based in New York, New York.


Deal Context for Buyer #
Overall 3 of 6
Sector: Insurance 2 of 2
Type: Divestiture 2 of 3
State: Texas 1 of 2
Country: United States 3 of 6
Year: 2015 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-24 Continental General Insurance Co.

Omaha, Nebraska, United States

Continental General Insurance Co. is a provider of insurance services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-27 DTV America

Sunrise, Florida, United States

DTV America Corp. is an operator of low power television (“LPTV”) licenses and stations across the U.S. DTVA currently owns and operates 52 LPTV stations in over 40 US cities today along with a portfolio of more than 400 LPTV licenses and Construction Permits.

Buy -

Seller Profile 1

SELLER

American Financial Group

Cincinnati, Ohio, United States

Category Company
Founded 1872
Sector Insurance
Employees8,700
Revenue 8.3B USD (2024)
DESCRIPTION

American Financial Group is a holding company that operates through Great American Insurance Group, which is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses, and in the sale of fixed and fixed-indexed annuities in the retail, financial institutions and education markets. American Financial Group was incorporated in 1872 and is based in Cincinnati, Ohio.


Deal Context for Seller #
Overall 3 of 4
Sector: Insurance 3 of 4
Type: Divestiture 3 of 4
State: Texas 2 of 2
Country: United States 3 of 4
Year: 2015 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-24 Continental General Insurance Co.

Omaha, Nebraska, United States

Continental General Insurance Co. is a provider of insurance services.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-11 ABA Insurance Services

Shaker Heights, Ohio, United States

ABA Insurance Services, Inc. is a provider of D&O and other complementary insurance solutions for banks, small businesses and nonprofit organizations, with a history that dates back thirty years.

Buy $28M