Notice to Colorado insureds
BY: DORCHESTER INSURANCE COMPANY
POSTED ON: MAY 7, 2020
The novel coronavirus (COVID-19) outbreak and emergency public health measures by state and local leaders has led to widespread business interruptions, unemployment and disruption of daily activities for consumers, including but not limited to self-quarantine and isolation to protect their and the public’s health. Due to the unprecedented and extraordinary impact of the COVID-19 emergency, Dorchester Insurance Company will make accommodations to prevent individuals and businesses from losing coverage due to cancellation for the non-payment of premium during this unprecedented time.
The accommodations that Dorchester Insurance Company will make include, but are not limited to, the following:
1. Extension of premium grace periods;
2. Waiver of late payment fees;
3. A moratorium on cancellations for non-payment;
4. Deferral of any non-renewal underwriting actions (due to non-payment); and,
5. Providing continuation of coverage for expiring policies.
The purpose of providing accommodations is to prevent individuals and businesses from losing coverage due to cancellation for non-payment of premium due to the effects of COVID-19. These accommodations take effect immediately and remain in effect for as long as Colorado Department of Public Health and Environment Public Health Orders 20-20, 20-22, 20-23 and 20-24 are in effect or until Colorado Division of Insurance Bulletin No. B-5.38 is rescinded, whichever is later.
Dorchester Insurance Company encourages policyholders to use electronic payment technology on websites, apps and electronic bank transfers whenever possible.
ALTAMONT CAPITAL PARTNERS SIGNS AGREEMENT TO ACQUIRE TOPA INSURANCE GROUP
BY: ALTAMONT CAPITAL PARTNERS; TOPA EQUITIES LTD.
POSTED ON: AUGUST 7, 2019
Palo Alto, CA and Calabasas, CA – August 7, 2019 – Altamont Capital Partners (Altamont) and Topa Insurance Group (Topa) are pleased to announce that Altamont has signed a definitive agreement to acquire Topa from its long-time owner, Topa Equities Ltd., subject to customary closing conditions, including receipt of required regulatory approvals. While Altamont will assume majority control, Topa Equities will maintain a minority equity stake in the business following the closing.
Founded in 1981, Topa is the parent company of Topa Insurance Company, an A- A.M. Best rated property and casualty (P&C) insurance carrier, and Dorchester Insurance Company, the second-largest P&C carrier in the U.S. Virgin Islands. Topa wrote over $130M of gross written premium in 2018 across a combination of its internally-managed wholesale channel and third-party managing general agency partners, all with a common theme of focusing on specialty and niche underwriting. These writings are supported by both Topa’s strong capital base and a panel of highly-rated reinsurance partners. Following consummation of the transaction, the strategy for the business will remain largely the same in terms of a focus on specialty P&C lines, but with added support from Altamont to further build the business through acquiring both new capabilities and areas of expertise.
Commenting on the acquisition, William Anderson, Chairman of Topa Equities, noted, “As proud owners of Topa Insurance for over three decades, our family and Board of Directors were most interested in finding the right long-term partner who will continue to grow the business. We believe that Altamont will be an excellent steward of Topa Insurance, and we look forward to collaborating with them in the years to come.”
Sam Gaynor, Principal at Altamont, said: “We are strong proponents of the specialty P&C insurance business and believe that Topa has built a phenomenal platform in the space. We are looking forward to bringing our resources to bear in partnering with Topa’s management team to further build on its franchise and expand into related lines of coverage.” Keoni Schwartz, Managing Director at Altamont, added: “Topa represents our 7th insurance platform investment at Altamont and, including add-on and pending transactions, 19th overall insurance acquisition at Altamont. Topa will serve as our foundational specialty P&C insurance carrier business in the US and we believe our expertise in the space will drive numerous opportunities for growth over the coming years.”
Terms of the transaction were not disclosed. Topa Equities was represented by Drinker Biddle & Reath LLP and Dowling Hales and Altamont was represented by Sidley Austin LLP and RBC Capital Markets.
About Altamont Capital Partners
Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with more than $2.5 billion of assets under management. Altamont is focused on investing in middle market businesses where it can partner with leading management teams to help its portfolio companies reach their full potential. The firm’s principals have significant experience building business success stories across a range of industries, including healthcare, consumer/retail, industrials, and financial services. Along with Altamont’s current investments in Embark General, Kuvare Holdings, and Accelerant Holdings, Topa represents Altamont’s 7th platform investment in the insurance and insurance services space.
About Topa Equities
Founded by John E. Anderson in 1956, Topa Equities Ltd. is a private, family-owned, diversified holding company. Headquartered in Los Angeles, the company owns more than 25 subsidiaries with primary locations in Southern California, Hawaii and the U.S. Virgin Islands. Topa has four main lines of business: beverage distribution, automotive retail, insurance and real estate.
Anderson Foundation to award $5 Million in Grants to Nonprofits
BY: DAILY NEWS STAFF, THE VIRGIN ISLANDS DAILY NEWS
POSTED ON: AUGUST 28, 2018
A prominent philanthropic organization will announce on Thursday the first recipient of a portion of $5 million in grants for nonprofits in the U.S. Virgin Islands in the aftermath of hurricanes Irma and Maria.
The Marion and John E. Anderson Foundation will make the announcement along with local subsidiaries Bellows International, West Indies Company, Dorchester Insurance, TOPA Insurance, TOPA Properties, Leeward Islands Management Company and Caribbean Cellars BVI.
“We are very happy to make these donations in the aftermath of hurricanes Irma and Maria to nonprofits that have played such vital roles in the rebuilding efforts of the Virgin Islands,” said Judy Munzig, chairwoman of the foundation.
“Every person in the Virgin Islands was impacted, especially those in need, and the perseverance we have seen from our wonderful employees and the people of these territories was truly exceptional,” said Munzig.
During the next month, the Marion and John E. Anderson Foundation will announce the other recipients of the grants, who already have been chosen.
“As a born-and-raised Virgin Islander, I am so proud to have worked closely with the Marion and John E. Anderson Foundation and our local managers to secure such substantial gifts for so many nonprofits,” said Richard Berry, president of Leeward Islands Management Company. “Historically, our local subsidiaries donate a considerable amount of resources to the community; however, in the aftermath of the hurricanes, we saw desperate need and felt compelled to make additional contributions,” said Berry.
The Marion and John E. Anderson Foundation is a philanthropic organization through which the Anderson family supports educational, health care, and other community-based organizations including UCLA, Children’s Hospital Los Angeles, and many other organizations. The Anderson Grants in the USVI have supported teachers and their students for two decades.
Source: The Virgin Islands Daily News