Specialty insurer buys accident and health agency
Reprints
Property/casualty and professional liability insurer Philadelphia Insurance Cos. on Friday said it has acquired Larchmont, New York-based managing general agent The Allen J. Flood Cos. Inc.
Financial terms of the transaction were not disclosed.
The acquisition of the group accident and health specialist will help broaden service offerings to niche markets such as schools, nonprofits, volunteer groups and sports teams, the Bala Cynwyd, Pennsylvania-based insurer said in a statement.
AJF will continue to serve its existing customers while leveraging the national marketing network of Philadelphia Insurance Cos., the insurer said, adding that current AJF President Michael Flood will continue leading its operation as the head of the A&H division for Philadelphia.
“AJF is a first-class operation,” Bob O'Leary, president and CEO of Philadelphia Insurance Cos., said in a statement. “Their A&H expertise complements many of our niche products.”
“By joining the PHLY team, we significantly expand our brokerage network and we join a very talented group of insurance professionals,” Mr. Flood said in the statement.
Read Next
-
Jockey accident medical coverage for racetracks launched
The National Thoroughbred Racing Association, Lockton Cos. L.L.C., and Burns & Wilcox Brokerage have launched a jockey accident medical coverage for racetracks.
Related Stories
Most Read in Workers Comp
-
1. Zurich ordered to pay $80 million in suit over employee incentives
-
3. Marsh McLennan sees rate hikes slowing; reports revenue growth
-
4. Travelers sees rate hikes continue; Q1 profit up over 15%
-
5. DeSantis signs legislation prohibiting local workplace heat protections
-
6. AI not a ‘substitute,’ but can benefit insurance industry: Experts
