BATON ROUGE (press release) — LWCC, Louisiana’s largest workers’ compensation insurance carrier, today announced it is acquiring 100% of North Carolina-based Prescient National, an AM Best “A” rated, high-performing national workers’ compensation insurance company, as a subsidiary of the company.
“Prescient National has a demonstrated track record of outstanding performance that positions it as an attractive complement to LWCC’s conservative investment strategy,” said Kristin W. Wall, LWCC’s president and CEO. “We believe the acquisition will benefit our current and future policyholders.”
The acquisition brings together two top-performing workers’ compensation companies with a shared commitment to stakeholders and a culture of excellence. In addition to providing for the diversification of LWCC’s investment portfolio, LWCC expects the two companies to learn from and leverage the other’s strengths for their mutual benefit.
“We are excited to enter into this long-term partnership with a company that deeply understands our business,” said Bruce Flachs, CEO of Prescient National. “The entrepreneurial, forward-looking approach our team has taken to build this company will be enhanced with LWCC’s support.”
Prescient National will continue to operate as a separate business in Charlotte, North Carolina.
Keefe, Bruyette & Woods, A Stifel Company, served as exclusive financial advisor and Sidley Austin LLP served as legal counsel to LWCC on this transaction.
Howden Capital Markets & Advisory served as exclusive financial advisor and Robinson Bradshaw served as legal counsel to Prescient National on this transaction.
