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Acordia Inc. pulled out of a deal to buy San Mateo-based Calco Insurance Brokers & Agents Inc. only days before the transaction was scheduled to close.
But Calco's parent company, California Casualty Management Co., is reviewing a plan to sell part of Calco to the subsidiary's executives, other key employees and unidentified strategic investors.
In the meantime, Acordia's 11th-hour pullout has California Casualty Chairman and CEO Tom Brown perplexed.
Calco learned in late March that the deal was called off, Brown said. The sale, details of which were not disclosed, was scheduled for completion on April 1.
"I have no idea why they made the decision," Brown...