

wsj_1008

10/26/89


WSJ891026-0048 = 891026 891026-0048.
Business Brief -- Lawrence Insurance Group Inc.: @ Houston Reinsurance Firm @ Is Acquired for $28 Million 10/26/89 WALL STREET JOURNAL (J) LWR TENDER OFFERS, MERGERS, ACQUISITIONS (TNM)



Lawrence Insurance Group Inc. said it acquired United Republic Reinsurance Co., a Houston property and casualty reinsurance company, from United Savings Association of Texas for $28 million.

Lawrence Insurance also sold 3.2 million of its shares for $7.125 each to its parent, Lawrence Group Inc. Lawrence Insurance, based in Albany, N.Y., plans to use the $22.5 million in proceeds to help finance the acquisition of United Republic.

By acquiring the shares, Lawrence Group increased its stake in Lawrence Insurance to 93.2% from 91.2%. Lawrence Insurance underwrites mostly primary insurance, a company spokesman said. A reinsurance company effectively insures insurance companies that wish to spread the risk of a particular policy.

Lawrence Group also owns Lawrence Agency Corp., Schenectady, N.Y., an insurance agency and brokerage.































