The Louisiana Workers’ Compensation Corporation (LWCC) announced that it will acquire all of the outstanding shares of Prescient National Å˽ðÁ«´«Ã½Ó³» Company (PNIC) based in Charlotte, North Carolina. The transaction is an all-cash transaction, which has received regulatory approval and is expected to close by year-end 2024.
LWCC operates as a monoline workers’ compensation writer providing coverage in Louisiana. PNIC provides workers’ comp coverage in multiple states. It is expected that both companies will continue to operate as separate brands and entities despite some risk management oversight by LWCC, AM Best said.
PNIC will continue to operate as a separate business. PNIC policyholders’ coverage, premium, and contacts will not change, the company said.
Louisiana Å˽ðÁ«´«Ã½Ó³» Commissioner Tim Temple said in a statement that the acquisition will “help elevate Louisiana’s business reputation nationally.”
“As a private mutual insurance carrier, this transaction will help LWCC ensure stability and profitability for the benefit of their 18,000 Louisiana-based policyholders,” Temple said.
Keefe, Bruyette & Woods, A Stifel Company, served as exclusive financial advisor and Sidley Austin LLP served as legal counsel to LWCC on the transaction.
Howden Capital Markets & Advisory served as exclusive financial advisor and Robinson Bradshaw served as legal counsel to Prescient National on the transaction.
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