Atlas Financial Holdings Inc. in Elk Grove Village, Illinois, announced last week it has closed the acquisition of Global Liberty Insurance Company of New York along with its affiliated underwriting and premium finance companies.
The purchase price is approximately $24.7 million in cash and preferred shares of Atlas, which is subject to post-closing adjustments as set out in the definitive agreement with Global Liberty announced in October.
Founded in 2003, Global Liberty’s principal business is in the light commercial auto sector, principally insuring limousine, black car, and luxury car vehicles. The company is based in Melville, New York, and is an admitted carrier in 14 states. Global Liberty currently underwrites approximately $40 million of annual commercial auto direct written premiums with the majority of this business generated in the New York metro area.
Atlas said the acquisition is expected to significantly accelerate Atlas’ commercial auto presence in select sub-segments of the large New York livery market and will add valuable infrastructure on the East Coast to support Atlas’ continuing growth.
“The addition of Global Liberty to the Atlas group of companies provides key infrastructure which we believe will allow us to pursue proportionate market share on the East Coast, accelerating our ability to grow premium during the current favorable market cycle,” said Scott D. Wollney, president and CEO of Atlas.
Atlas’ primary business is commercial auto insurance, with a niche market orientation and focus on insurance for the light commercial auto sector including taxi cabs, non-emergency paratransit, limousine/livery and business auto. The business of Atlas is carried on through its insurance subsidiaries American Country Insurance Company, American Service Insurance Company Inc. and Gateway Insurance Company.
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