Andina Group (fka AAUI)

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http://www.tulsaworld.com/business/bancinsure-comes-back-with-new-focus/article_066cb92d-fde2-5ccc-b53a-0292074a2425.html

Posted: Saturday, October 12, 2013 12:00 am

BancInsure comes back with new focus By BRIANNA BAILEY NewsOK.com TulsaWorld.com | 0 comments

After nearly being taken over by the Oklahoma Insurance Department earlier this year for insolvency, Oklahoma City-based BancInsure is re-entering the insurance industry with a different business model and a $30 million injection of new capital from a New York investment firm.

BancInsure, which once mainly offered insurance policies for community banks and other financial institutions, has a new business strategy, focusing on program distribution for general liability, property, and auto insurance for businesses, ranging from commercial auto fleets and real estate agents to marinas and wind turbines.

The company decided to shift its focus in part because of a growing demand, as well as the availability of capital from the reinsurance industry, said Michael Beasley, chief operating officer and lead underwriter for BancInsure.

"This is currently the largest-growing space in the insurance industry today outside of health care, and we're getting great feedback from people so far," Beasley said.