PHLY Makes Largest Acquisition in Its History With Collector Car Business Expansion
Article 0 Comments Philadelphia Insurance Companies announced the acquisition of the Collector Vehicle Division from Ignyte Insurance, a Carlyle backed portfolio company. The transaction, valued at $615 million, is the largest acquisition in the 63-year history of Philadelphia Insurance Companies. The deal includes all collector vehicle insurance business and employees from: American Collectors Insurance, J.C. Taylor Insurance, Condon Skelly and Heacock Classic. These four brands insure a broad range of specialty vehicles from antiques and hot rods to exotics, motorcycles, and classic trucks, according to Philadelphia. Together, they serve hundreds of thousands of policyholders nationwide and bring more than 250 employees with significant expertise in this niche specialty segment to the company. This acquisition further strengthens PHLY’s position as a key player in the collector and specialty vehicle insurance industry, the company said. “We have tremendous respect for what these collector vehicle brands have built and the trust they’ve earned amongst collectors,” said John Glomb, president and CEO of Philadelphia Insurance Companies. “As part of PHLY, they will continue that legacy with the full strength of a leading carrier behind them, combining authenticity and expertise with innovation, superior claims support, and sustainable capacity for the long term.” “This is an...