Philadelphia Insurance Companies is acquiring a managing general agent for group accident & health insurance, a deal that gives it new platform from which to sell its core offerings.
The Pennsylvania commercial property/casualty and professional liability insurance company for niche markets said it has snatched up The Allen J. Flood Companies in Larchmont, N.Y. for an undisclosed price.
Founded in 1959, AJF will continue serving its existing agent, brokers and customers, but also grow the business by using Philadelphia Insurance Companies’ national marketing capacity. Philadelphia Insurance Companies, in turn, gains a new platform from which it can provide group accident & health products to its current market base, including schools, non-profits, volunteer groups, sports teams and more.
Bob O’Leary, Philadelphia Insurance Companies president and CEO, said in prepared remarks that the acquisition will complement many of his carrier’s niche products.
Plans call for keeping AFJ President Michael Flood in his current role in charge of the operation, by way of leading the accident & health division of Philadelphia Insurance Companies.
Philadelphia Insurance Companies first launched in 1962.
Source: Philadelphia Insurance Companies