Philadelphia Insurance Companies, a Bala Cynwyd, Pennsylvania-based commercial property/casualty and professional liability insurer for niche markets, announced its acquisition of all outstanding shares of The Allen J. Flood Companies (AJF), a managing general agent for the group accident and health insurance business in Larchmont, New York. Terms of the transaction were not disclosed.
Philadelphia Insurance Companies said the acquisition is intended to give the insurer a new platform to provide group accident and health products to a variety of niche markets that it currently serves, including schools, non-profits, volunteer groups, sports teams, and many others.
AJF has been serving agents, brokers, and customers since 1959. Michael Flood, who has been president of AJF since 2011, will continue leading AJF’s operation as the head of the accident and health division for Philadelphia Insurance Companies. AJF will continue to serve its agents, brokers, and customers, while growing the business by utilizing Philadelphia Insurance Companies’ national marketing network, the announcement said.
In operation since 1962, Philadelphia Insurance Companies, a member of the Tokio Marine Group, designs, markets, and underwrites commercial property/casualty and professional liability insurance products for select industries. Philadelphia Insurance Companies has 49 offices across the U.S.
Topics Mergers & Acquisitions Carriers New York Agencies Flood
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