LeasingDesk Underwriting Partner Announces Merger with Global Insurance Company
American Modern Insurance Group to Join Munich Re
IRVINE, CA – October 23, 2007 – LeasingDesk™ Insurance Services, a wholly owned subsidiary of RealPage, Inc., and a leading provider of point of lease systems for the multifamily industry, today announced the parent company of American Modern Insurance Group, the major underwriter of its liability and renter’s insurance programs, has signed a definitive merger agreement with Munich Re, the second largest reinsurer in the world.
The merger, set to finalize in the first half of 2008, brings together two powerhouses of the insurance industry.
The Midland Company, parent of American Modern, will join Munich Re to create a new strategic business unit that will further build a dominant presence in niche primary specialty insurance segments. By combining with Munich Re, American Modern is afforded the opportunity to take its deep specialty property and casualty industry expertise, product and distribution platform and expand them in ways that may not have been possible.
“American Modern is already one of the leading specialty insurers in the country,” explained Dirk Wakeham, president of LeasingDesk. “By adding the capital and resources available from a leading global insurance provider such as Munich Re, it will only strengthen the services we provide our clients.”
With enhanced resources and increased capital available to American Modern, LeasingDesk will be able to better serve its existing policyholders with improved risk management programs, as well as provide greater insurance backing for its multifamily products.
About LeasingDesk
LeasingDesk is specifically designed for the multifamily industry. It automates everything from the lease application through execution of a signed lease. The product line includes online leasing, resident screening, electronic leasing forms, eSignatures, security deposit alternatives and renter’s insurance. For more information on LeasingDesk, visit www.leasingdesk.com, call 888-484-7132 or send an e-mail message to sales@leasingdesk.com
To schedule an interview with a LeasingDesk executive, please contact Don Canfield at don@linnelltaylor.com or at 303-684-0300 ext. 123.
About RealPage, Inc.
Located in Carrollton, Texas, a suburb of Dallas, RealPage provides products and services to more than 20,000 apartment communities across the United States. Its five on-demand product lines include OneSite® property management systems that automate the leasing, renting, management and accounting of conventional, affordable and student housing properties; CrossFire® sales and marketing systems that help boost occupancy and build retention; YieldStar® asset optimization systems that maximize asset valuation and investment return through revenue management and market intelligence; Velocity™ utility and billing services that help accelerate payments for resident charges; and LeasingDesk™ point of lease systems that streamline the leasing process. For more information, please call 1-87-REALPAGE or visit www.realpage.com.
About The Midland Company
Midland, which is headquartered in Cincinnati, Ohio, is a provider of specialty insurance products and services through its wholly owned subsidiary, American Modern Insurance Group, which accounts for approximately 95 percent of Midland’s consolidated revenue. American Modern specializes in writing physical damage insurance and related coverages on manufactured housing, and has expanded to other specialty insurance products including coverage for site-built homes, motorcycles, watercraft, snowmobiles, recreational vehicles, physical damage on long-haul trucks, extended service contracts, excess and surplus lines coverages, credit life and related products as well as collateral protection and mortgage fire products sold to financial institutions and their customers. Midland also owns a niche transportation business, M/G Transport Group, which operates a fleet of dry cargo barges for the movement of dry bulk commodities on the island waterways. Midland’s common stock is traded on the Nasdaq Global Select Market under the symbol MLAN. Additional information on the company can be found on the Internet at www.midlandcompany.com.
About Munich Re
The Munich Re Group operates worldwide, turning risk into value. In the financial year 2006, it achieved a profit of Euro 3.5bn, the highest in its corporate history. Its premium income amounted to approximately Euro 37bn and its investments amounted to approximately Euro 177bn. The Group operates in all lines of business, with around 37,000 employees at over 50 locations throughout the world and is characterized by particularly pronounced diversification, client focus and earnings stability.
Munich Re America Corporation, a member of the Munich Re Group, is one the leading providers of reinsurance in the United States. Through its subsidiaries, it writes treaty and facultative reinsurance, insurance, and provides related services to insurance companies, other large businesses, government agencies, pools and other self-insurers.