Core Specialty to Merge with Lancer Insurance Company

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.