Granada Financial Group reports it has agreed to acquire a controlling interest in Topa Insurance Group from Anderson Holdings.

While Granada will assume majority control, Anderson Holdings will retain a minority equity stake in the business, according to the announcement.

Topa Insurance Group is the parent company of Topa Insurance Co. and Dorchester Insurance Co., both property/casualty carriers.

Topa Insurance Co. writes commercial package policies in Arizona and California; excess commercial liability in California, Arizona, Colorado, Nevada, Washington and Colorado; and commercial auto in California. It offers a cannabis industry programs in more than 20 states.

Dorchester Insurance Co. underwrites commercial and personal exposures in the U.S. Virgin Islands and the Netherlands Antilles.

Granada said that following consummation of the transaction, the strategy will remain largely focused on specialty property/casualty lines, but with significant support from Granada.

Terms of the transaction were not disclosed.

Granada is the parent company of Granada Insurance Co., a Florida-based specialty commercial insurance company. Granada’s principals also own Granada Indemnity Co., a Long Beach, New York domestic insurer established in 1978 that writes multi-peril coverages in the Northeast..

The transaction is subject to customary closing conditions, including regulatory approvals.

The deal arises almost more than two and one-half years after Altamont Capital Partners pulled out of its deal to acquire Topa Insurance Group.