New York-based specialty insurer Hudson Insurance Group has agreed to buy all of the issued and outstanding shares of capital stock of Pennsylvania’s The Allegheny Group (AGI) from its private shareholders.
Financial terms of the transaction were not shared.
Moreover, Hudson will buy AGI’s wholly-owned subsidiaries Allegheny Surety Company (ASC), a Pennsylvania insurance company, as well as affiliated managing agency Allegheny Surety Agency.
AGI chairman and CEO Paul Read said: “Hudson is the optimal fit for our customers, given our long and successful working relationship.
“Hudson’s strong balance sheet and exemplary customer service will allow us to expand our reach beyond Pennsylvania as well as better serve our existing clients.”
As part of the deal, Hudson will absorb AGI’s management team and key staff.
They will report to Hudson Surety senior vice president and head. based in Pittsburgh and Philadelphia offices,
The deal awaits regulatory nod and is anticipated to complete in the next 60 days.
Hudson president and CEO Christopher Gallagher said: “We have enjoyed a close and highly-valued relationship with AGI for over 13 years.
“Having this exceptional team of underwriting and marketing professionals transition from the role of valued partners to close colleagues will help Hudson’s Surety operations grow and expand.”
Hudson provides property and casualty insurance products to corporations, professional firms and individuals. It has a presence across the US, as well as in Vancouver, Canada.
In September this year, the firm rolled out its new Commercial Trucking Coverage for independent contractors.
The coverage includes occupational accident, contingent liability, truck physical damage and workers’ compensation, in addition to non-trucking liability coverage.