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Dallas National Insurance Company is the result of the merger of Dallas Fire Insurance
Company and California Indemnity Insurance Company.
Dallas Fire Insurance Company commenced operations in July of 1962. In July 2003,
DFIC was purchased by Charles David Wood Jr. accompanied by Form “A” approval in
February 2003 by the Texas Department of Insurance. The company was initially licensed
to write General Liability business in the state of Texas. Since its inception,
Dallas Fire has specialized in writing a broad spectrum of GL business with strong
results.
California Indemnity Insurance Company was incorporated in California and began
business in 1988. Effective March 31, 2004, CIIC became a wholly-owned subsidiary
of FolksAmerica Holding Company (FHC). In May 2005, FHC and Charles David Wood Jr.
entered into an agreement for the purchase of CIIC and in September 2005, approval
for that purchase was finalized and the state of domicile was moved to Texas.
The acquisition and merger of CIIC and DFIC (to form Dallas National Insurance Company)
were part of a natural progression of the gradual growth of the insurance businesses
owned by Mr. Wood. The growth of additional P&C business was limited by the licensure
status of DFIC. Rather than wait several years to obtain licenses, the acquisition
of CIIC offered an immediate and effective solution to take advantage of the current
market opportunities. In addition, the acquisition and resulting surplus of the
company permitted a significant increase of premium while maintaining a strong RBC
ratio. This allows the company to achieve greater efficiencies than previously possible.
The acquisition and subsequent company (DNIC) demonstrate the management’s strong
resolve to support its P&C business.
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