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Shelter Mutual announces acquisition of Haulers Insurance Company Inc.

Friday, May 9, 2008

Columbia, MO—Shelter Mutual Insurance Company and Haulers Insurance Company Inc. have agreed that Shelter will acquire 100 percent of Haulers’ common stock for an undisclosed amount. The acquisition is subject to regulatory approval.

Shelter is a financial group of companies located in Columbia, Missouri; while Haulers is a predominantly personal lines insurer located in Columbia, Tennessee.

Shelter was formed in 1946 and has grown to include two direct personal lines property and casualty companies, a property and casualty reinsurer, a life and annuity insurer, a thrift bank, and other smaller financial entities. Shelter’s direct business is written through 1,300 agents in 14 Midwestern states and is supported by 1,800 employees. The assumed book is spread globally. Premiums are in excess of $1.1 billion, assets under management are $4 billion, and the Mutual parent has in excess of $1.3 billion of surplus.

Haulers, an “A” rated carrier by A. M. Best, was formed in 1986 by James H. Walker, the current chairman. The company, which is licensed in 18 states, writes more than $28 million in premium across four states and is concentrated in the automobile line. Haulers distributes through 300-plus independent agents and is supported by approximately 50 employees. It was advised by LMSherman & Company, formerly LMC Capital, in the transaction.

Shelter’s CEO, Dave Moore, stated that “the acquisition is a wonderful addition to the Shelter family. Haulers brings experienced management, a robust distribution network, and an excellent reputation to the Shelter family.”

Moore added that Haulers gives Shelter an avenue to spread risk of the Shelter group and opportunities for growth.

Haulers’ CEO, Cliff Walker, stated that “gaining the financial strength and resources of Shelter gives Haulers the opportunity for profitable growth with new and existing products offered in current and expanded markets.”

Walker further indicated his pleasure that Haulers will continue to operate from its Columbia, Tennessee office and retain its loyal and talented workforce.


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has acquired

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Sherman & Company Served as Financial Advisor to Haulers Insurance Company Inc.

$50.7 MILLON