Specialty insurer Hudson Insurance Group has agreed to acquire the Allegheny Group Inc. (AGI) and its subsidiaries from its private shareholders.
Hudson, by acquiring Pennsylvania-based AGI, will own Allegheny Surety Co., a Pennsylvania insurance company, and Allegheny Surety Agency, the affiliated managing agency. Allegheny Surety serves independent agents in the mid-Atlantic region.
Pending the approval of the Pennsylvania Insurance Department and other regulatory approvals, the acquisition is expected to close within the next 60 days. Terms were not disclosed.
AGI’s management team and key employees will join Hudson and continue to operate out of Pittsburgh and Philadelphia offices, reporting to Andrew Dickson, senior vice president and head of Hudson Surety.
“We have enjoyed a close and highly-valued relationship with AGI for over 13 years,” said Christopher Gallagher, Hudson’s president and CEO, who called the transaction a matter of AGI’s underwriting and marketing professionals transitioning from the “role of valued partners to close colleagues,” a move that he said will help Hudson’s own surety operations grow.
Paul Read, chairman and CEO of AGI, said joining with Hudson will allow AGI to expand its reach beyond Pennsylvania as well as better serve its existing clients.
Headquartered in New York City with offices throughout the U.S. and in Vancouver, Canada, Hudson underwrites specialty primary and excess insurance on both an admitted and non-admitted basis. Hudson Insurance Group is the U.S. insurance division of Odyssey Group Holdings, which is owned by Fairfax Financial Holdings.
AGI serves as an insurance holding company, with its headquarters in Pittsburgh. Allegheny Surety Co. and Allegheny Surety Agency are wholly-owned subsidiaries of AGI.
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