The ACE Group, a provider of insurance and reinsurance services, has signed a definitive agreement to acquire the personal lines business of the Atlantic Companies.
The transaction is expected to close within 30 days. The acquisition includes all of the assets of the personal lines business of the Atlantic Companies, including certain systems, distribution arrangements and renewal rights. In connection with the transaction, the majority of the Atlantic Companies’ personal lines employees become employees of ACE.
Brian Dowd, CEO for insurance unit of North American region at ACE, said: Atlantic’s personal lines business is an excellent complement to our existing personal lines capabilities, which include recreational marine and fine art. Atlantic has an outstanding claims reputation and a solid technology platform to support this business.
We have ambitious plans to expand and grow our personal lines business both domestically and overseas, utilizing the global ACE network to serve customers with assets around the world.