Investment Banking - Pennsylvania School Boards Association Insurance Trust
Transactions | Insurance
Client: Pennsylvania School Boards Association Insurance Trust
Transaction Type: Mergers & Acquisitions
Role: Sell-Side Advisor
- Pennsylvania School Boards Association Insurance Trust (“PSBAIT”) is an entity that owns insurance operations through School Boards Insurance Company, Inc. (“SBIC”) and School Claims Services, LLC (“SCS”).
- PSBAIT’s insurance operations have provided insurance solutions and served members of the Pennsylvania School Board Association for more than 40 years.
- Established in 1971, SBIC became a captive in 1995 and became a Pennsylvania authorized Property and Casualty Insurance Company in 2006. Together with SCS, as of June 30, 2015, the companies had GAAP equity of ~$71 million.
- Church Mutual Insurance Company ($550 million in surplus) acquired SBIC, SCS, and other related assets from PSBAIT. This acquisition serves as a platform for Church’s planned national rollout of its schools insurance business.
- Boenning served as financial advisor to Pennsylvania School Boards Association Insurance Trust.