#USA #Mt. Laurel #Ignyte Insurance #Collector Vehicles #PHLY

Philadelphia Insurance Expands Collector Vehicle Division

In a significant strategic move, Philadelphia Insurance Companies (PHLY) has recently acquired the Collector Vehicle Division from Ignyte Insurance for an impressive $615 million. This acquisition not only strengthens PHLY’s position in the lucrative collector vehicle insurance market but also adds four well-regarded brands to its portfolio: American Collectors Insurance, J.C. Taylor Insurance, Condon Skelly, and Heacock Classic.

Based in Mt. Laurel, New Jersey, the newly acquired division boasts a deep-rooted legacy and an extensive leadership history in the collector vehicle space. These brands provide insurance solutions for a wide spectrum of specialty vehicles, ranging from classic cars and hot rods to motorcycles and antique trucks. As a combined entity, they cater to hundreds of thousands of policyholders across the nation and bring over 250 skilled employees into PHLY's fold, all equipped with specialized expertise applicable to this niche market.

Strengthening a Local Legacy

The acquisition further cements PHLY's longstanding relationship with James A. Grundy Agency, renowned for its excellence in providing collector vehicle coverage in Horsham, Pennsylvania. The historical significance of these brands to the greater Philadelphia area marks this partnership as a celebration of local enterprise and expertise in collector vehicle insurance.

John Glomb, President and CEO of Philadelphia Insurance Companies, expressed his profound respect for the legacy and trust that these established brands have cultivated in the collector community. He stated, "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."

A Vision for Growth

Geof McKernan, CEO of Ignyte Insurance, described the acquisition as an exciting chapter for these beloved brands. He highlighted the track record that the former NSM Insurance Group team has built around these collector car programs, establishing them as market leaders in this specialized field. According to McKernan, PHLY’s robust resources and exceptional reputation will support their ongoing growth and focus on innovative insurance solutions.

In the acquisition's backdrop, Carlyle Group officials, including Jim Burr and Jitij Dwivedi, emphasized the significance of this sale as a pivotal achievement for Ignyte Insurance, reflecting its vision and capability to create enduring value within the specialty insurance ecosystem. They noted their anticipation for continuing collaboration with Ignyte to enhance the company's remaining direct-to-consumer brands.

Future Outlook

As a major player in the specialty insurance landscape, Ignyte Insurance is making strides to broaden its global footprint in innovative consumer and embedded insurance offerings. The platform seeks to capitalize on its previous successes, driven by a demand for unique insurance products and exemplary customer service.

With a robust commitment to operational excellence and long-term value, this acquisition positions PHLY favorably for ongoing success in a fast-evolving specialty market. In addition to transaction and regulatory advisories provided by Troutman Pepper Locke LLP and Sullivan & Cromwell LLP, the parties involved have demonstrated a comprehensive approach to navigating the complexities of this significant transaction.

Conclusion

Overall, this acquisition denotes a promising future for Philadelphia Insurance Companies and the esteemed brands now under its umbrella. With a focus on delivering tailored insurance solutions and optimal customer service, PHLY is set to enhance its prevalence in the collector vehicle insurance space. For collectors and enthusiasts alike, this partnership signals a strengthened commitment to preserving the value and integrity of vintage and specialty automobiles across the nation.