Bala Cynwyd-based Philadelphia Insurance Companies (PHLY), a commercial property/casualty and professional liability provider, recently acquired Conshohocken-based Ignyte Insurance’s Collector Vehicle Division for $615 million.
The division is headquartered in New Jersey and employs more than 250 people.
The deal brings American Collectors Insurance, J.C. Taylor Insurance, Condon Skelly and Heacock Classic under the PHLY umbrella. The brands insure hundreds of thousands of policyholders for a broad range of specialty vehicles including antiques, hot rods, exotics, motorcycles, and classic trucks.
“We have tremendous respect for what these collector vehicle brands have built and the trust they’ve earned amongst collectors,” John Glomb, Philadelphia Insurance Companies, president and CEO, said. “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.”
The purchase further strengthens PHLY’s position in the collector and specialty vehicle insurance industry.
Philadelphia Insurance Companies employs approximately 2,000 people with 700 employees based in Bala Cynwyd. It has more than $4.7 billion in annual premium.
Ignyte Insurance is a specialty insurance platform focused on building and scaling high-performing specialty insurance brands in unique, niche markets. It is a Carlyle backed portfolio company.