P&C insurers Core Specialty Insurance and Lancer Financial announce merger
US-based specialty property and casualty (P&C) insurers Core Specialty Insurance and Lancer Financial Group have agreed to merge in a stock-cum-cash deal.
Core Specialty Insurance will be the name of the combined company, post-merger, with an equity capital of more than $1 billion. Jeff Consolino will continue to head the combined firm as President and CEO.
Lancer Financial Group will provide the combined entity its 35 years of expertise in specialty commercial auto insurance that will extend the capabilities of the existing range of specialty P&C insurance products of Core Specialty Insurance.
The combined specialty P&C insurer will have a workforce of nearly 550 people.
Jeff Consolino said: “Core Specialty’s vision is to become the leading specialty insurer and the Lancer merger continues our very strong progress in our mission. Core Specialty has the capital to take on risk, the underwriting talent in place, a proven and decisive leadership team and a track record of making things happen fast.
“Collectively and in each of our specialist niche business units, we intend to operate with strong entrepreneurial spirit and drive, speed, agility, and empowered decision-making.”
P&C insurers Core Specialty Insurance and Lancer Financial announce merger. Photo courtesy of Tumisu from Pixabay.
Lancer Financial Group will retain its brand along with its management team and operating locations. The company’s shareholders will be issued a combination of Core Specialty Insurance’s common shares, preferred shares, and cash.
Lancer Financial Group will operate as the ninth specialty P&C business unit of Core Specialty Insurance
Dave Delaney – Co-Founder and CEO of Lancer Financial Group said: “All of us at Lancer are excited to be joining forces with Core Specialty. Core Specialty’s management team is exceptional and our friendship with Jeff Consolino, Ed Noonan and members of Core Specialty’s Board goes back a very long way.
“I have no doubt Lancer and Core Specialty’s combined operating and financial resources will create tremendous growth opportunities for our shareholders, employees, policyholders and distribution partners.”
Subject to customary regulatory approvals, the merger is expected to be wrapped up during Q3 2021.