Specialty insurer buys accident and health agency

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.