Granada Financial Agrees to Acquire Controlling Interest in Topa Insurance Group

Granada Financial Group said it has entered into a definitive agreement to acquire the controlling interest in Topa Insurance Group from long-time owner, Anderson Holdings.

The transaction is subject to customary closing conditions, including regulatory approvals. While Granada will assume majority control, Anderson Holdings will retain a minority equity stake in the business following the closing. Terms of the transaction were not disclosed.

Founded in 1981, Topa is the parent company of Topa Insurance Company, a property and casualty insurance carrier, and Dorchester Insurance Company, the second-largest P/C carrier in the U.S. Virgin Islands. Following consummation of the transaction, the strategy for the business will remain largely unchanged in terms of a focus on specialty P/C lines, but with significant support from Granada.

Granada is the parent company of Granada Insurance Company, a Florida-based specialty commercial insurance company operating for 40 years. Granada’s principals also own and manage Granada Indemnity Company, a New York domestic insurer established in 1978 writing multi-peril coverages in the Northeast U.S.

Topics Mergers & Acquisitions