Core Specialty to Merge with Lancer Insurance Company
April 16, 2021
Core Specialty Insurance Holdings, Inc. and Lancer Financial Group, Inc. agreed to combine in a stock-and-cash merger under which Lancer will operate as a separately managed division of Core Specialty while retaining its brand and management. The deal deepens Core Specialty’s participation in the specialty commercial auto market, creates a combined company with pro forma equity in excess of $1 billion and results in approximately 550 employees across the combined business.
- Buyers
- Core Specialty Insurance Holdings, Inc.
- Targets
- Lancer Insurance Company, Lancer Financial Group, Inc.
- Sellers
- Lancer shareholders
- Industry
- Insurance
- Location
- New York, United States
- Transaction Type
- Buyout
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