Pennsylvania-based Donegal Group Inc. has completed the previously announced acquisition of all of the outstanding capital stock of The Peninsula Insurance Company and Peninsula Indemnity Company from Folksamerica Holding Company, Inc. for approximately $23 million in cash.
“Peninsula operates as a multiple line carrier, primarily in Maryland, Delaware and Virginia,” said the bulletin. “Personal lines coverages represent a majority of premiums written, with the balance coming from mercantile and service businesses. Peninsula’s largest line of business is private passenger automobile liability and physical damage; other principal lines include homeowners and commercial multi-peril.”
Donegal President and CEO Donald H. Nikolaus stated: “An important part of our strategy is the selective acquisition of property and casualty insurers to augment our organic growth in our existing markets and expand into selected geographic regions. We believe the Peninsula acquisition will enhance our market position and agency representation in the Mid-Atlantic states while enabling us to leverage certain expenses over a greater premium base and consolidate various reinsurance costs in the future.”
Topics Mergers & Acquisitions
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