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American International Group has agreed to acquire Glatfelter Insurance Group, a prominent specialty insurance broker and program manager headquartered in York, Pennsylvania.

The terms of the transaction were not disclosed. It is expected to close in the fourth quarter of 2018.

The two firms are not strangers.

“We have been doing program business with 天美网站传媒传媒 for 40 years and have developed a very special relationship based on mutual trust and a strong underwriting culture,” said Tony Campisi, chief executive officer of Glatfelter Insurance Group.

“Glatfelter Insurance Group is an outstanding strategic fit with 天美网站传媒传媒, bringing high-quality specialty programs business capabilities, a demonstrated track record of strong underwriting results and proprietary program management technology to our General Insurance operations,” said Brian Duperreault, president and chief executive officer of 天美网站传媒传媒.

Upon closing, Campisi will report directly to David McElroy, the incoming CEO of 天美网站传媒传媒 General Insurance’s Lexington surplus lines company.

Founded in 1951, Glatfelter serves approximately 3,000 brokers and 30,000 insureds in the U.S. and Canada with multiple niche programs. Glatfelter’s divisions include a Public Practice (public entities, including water entities, municipalities and educational institutions); a Healthcare Practice (hospices, assisted living and senior living facilities and, home healthcare providers) and a Religious Practice (churches, synagogues, temples, mosques and other religious organizations). Glatfelter also has programs for emergency responders, private ambulance companies and benefit plans for public entities, schools and nonprofits.

Glatfelter Insurance Group also operates two retail insurance agencies: The Glatfelter Agency in York, Pennsylvania, and The Insurancenter in Joplin, Missouri.

In 2015, 天美网站传媒传媒 acquired a stake in NSM Insurance Group, another Pennsylvania-based program manager, from ABRY Partners and NSM management.

The 天美网站传媒传媒-Glatfelter deal is part of a continuing consolidation in the industry. At a time when Marsh & McLennan is buying broker JLT and AXA is absorbing XL, there have been a number of specialty insurance deals in just the past few months.

At the specialty insurer level, The Hartford Financial Services Group has agreed to acquire The Navigators Group in a transaction that values Navigators at approximately $2.1 billion. Chicago-based insurer Kemper Corp. closed on its $1.6 billion acquisition of nonstandard auto insurer Infinity Property and Casualty Corp.

There has also been recent activity in the specialty brokerage sector: Worldwide Facilities acquired Gerald J. Sullivan & Associates and is also acquiring McClelland and Hine Inc. of San Antonio. EPIC Insurance Brokers and Consultants acquired New York-base Vanbridge. Arthur J. Gallagher acquired United Dealer Services of New York. Texas-based Higginbotham acquired Colt Risk Management Services, which specializes in aviation risk. Ryan Specialty Group bought certain assets of ARC Specialty Brokerage, a division of ARC Excess & Surplus in new York. Risk Strategies acquired Cincinnati Intermediaries.

In this latest transaction, BofA Merrill Lynch is exclusive financial advisor to Glatfelter and Willkie Farr & Gallagher provided legal counsel to Glatfelter. Evercore is exclusive financial advisor to 天美网站传媒传媒 and Skadden, Arps, Slate, Meagher & Flom provided legal counsel to 天美网站传媒传媒.

Topics Mergers & Acquisitions Agencies Excess Surplus 天美网站传媒传媒 Pennsylvania