HDI has acquired Indiana Lumbermens Insurance coverage Firm (ILIC) to bolster its presence within the US market.
The businesses didn’t disclose the monetary worth of the transaction, which closed final week.
ILIC, a former subsidiary of Pennsylvania Lumbermens Mutual Insurance coverage Firm, is extensively licensed and has a Treasury itemizing (T-listing), HDI famous.
With an preliminary emphasis on surety, HDI’s acquisition of ILIC is a part of efforts to boost and increase its portfolio of enterprise options.
German insurance coverage firm HDI International operates within the US by its subsidiaries HDI, a industrial property and casualty insurer, and HDI International Specialty, a surplus traces insurer.
Following ILIC’s acquisition, HDI now has two admitted carriers and one non-admitted insurance coverage provider within the US.
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HDI International Specialty CEO Ralph Beutter expects ILIC’s licences to allow the corporate to organically increase its portfolio of speciality traces insurance coverage choices.
HDI International Insurance coverage Firm CEO Jim Clark added: “Buying the licences and T-listing from ILIC allows a faster time to market than increasing our current authorities. With this acquisition, we’re within the place to enter the surety market within the US and seize additional alternatives for worthwhile development.”
Pennsylvania Lumbermens Mutual Insurance coverage Firm president and CEO John Smith stated: “The sale of Indiana Lumbermens Insurance coverage Firm permits us to strengthen our working place and proceed to give attention to service choices to the lumber companies throughout the nation because the oldest and largest provider within the area of interest.”
In October this yr, HDI International secured regulatory approval to open a brand new department on the Iberian Peninsula.
HDI International will present insurance coverage for property harm and enterprise interruption, casualty, vitality and development, marine, cyber and speciality traces by its new workplace in Portugal.
In September, HDI International Specialty teamed up with lively insurance coverage supplier Coalition to strengthen its presence within the Canadian cyber insurance coverage trade.