The Atlantic Companies, also known as Atlantic Mutual, has sold its high-net-worth personal lines insurance business to The ACE Group of Companies for an undisclosed price.
The deal, expected to close in 30 days, gives ACE substantially all of the personal lines business of The Atlantic Cos., which is headquartered in New York City.
Atlantic Mutual specializes in writing a policy it called the Atlantic Master Plan, a product sold through independent agents, which covered the houses, cars, umbrella liability and personal property of affluent individuals and families.
The acquisition comes days after Bermuda-based ACE announced the $2.4 billion acquisition of Combined Insurance Co., and several other subsidiaries of Aon Corp.
Source: ACE Ltd.