Cincinnati-based Core Specialty Insurance Holdings Inc. and Long Beach, New York-based Lancer Financial Group Inc. will merge into a share and cash transaction, resulting in a Core Specialty after the merger of more than $ 1 billion in equity, insurers said in a statement on Friday.
The terms of the transaction were not announced.
Both parent companies run specialized real estate / accident insurance companies, Core Specialty and Lancer Insurance Co.
The announcement says Lancer, which reported $ 32.4 million in net profit for 2020 compared to $ 16.1 million in 2019, provides more than 35 years of specialized commercial vehicle expertise to Core Specialty. Lancer reported $ 1
The merger with Lancer is said to mark Core Specialty's first merger or acquisition since StarStone U.S.'s recapitalization in November 2020.
The combined entity will have approximately 550 employees. Lancer will retain its brand, management team and locations, the statement said.
Jeff Consolino will continue to lead the combined company as President and CEO and Ed Noonan will continue as President of Core Specialty. transaction, Lancer shareholders will receive a combination of Core Specialty ordinary shares, preference shares and cash.