PGI Commercial, the U.S. program manager of Bermuda-based insurance distributor Primary Group, has acquired the assets American Altair Group.
American Altair Group (AAG), based in Hauppauge, N.Y., is a full-service program administrator that specializes in commercial real estate risks. AAG has significant representation in New York, New Jersey and Pennsylvania. PGI Commercial said AAG’s book of business will further complement PGI’s existing book of real estate business which is primarily West Coast-based.
PGI Commercial manages property and casualty programs on a nationwide basis with offices in Naples, Fla., Marlton, N.J., and Anaheim, Calif.
The AAG deal is part of PGI Commercial’s strategy of building out its underwriting platforms. PGI Commercial said the acquisition of AAG will give PGI a strong presence in the Northeast and particularly in the commercial real estate sector.
John Ustaoglu, current president of AAG, will join PGI Commercial as executive vice president and will continue to be based out of Hauppauge, N.Y., with his existing team.
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