US-based Atlas Financial Holdings has signed an agreement to acquire Global Liberty Insurance Company of New York and its affiliated underwriting and premium finance companies, for around $25m.
The acquisition will help Atlas to expand its commercial automobile insurances services in the New York market, and will also add significant infrastructure on the East Coast.
Atlas Financial Holdings president and CEO Scott Wollney said: "This is a very important acquisition for Atlas, as Global Liberty’s current premium base is highly complementary to our existing infrastructure.
"As with our other subsidiaries, Global Liberty has a strong heritage in the public auto market with a committed and experienced management team."
Established in 2003, Global Liberty provides services in the light commercial auto sector, primarily insuring limousine, black car, and luxury car vehicles.
The company, which is an admitted carrier in 14 states, underwrites around $40m of annual commercial auto direct written premiums.
Atlas plans to continue to supply products under the current brand name, following the completion of the transaction.
Global Liberty Insurance Company of New York owner and CEO Hossni Elhelbawi said: "We are delighted to join with Atlas to expand and continue to deliver the quality of service and products to our insurance policyholders and agents."
Atlas, through its subsidiaries American Country Insurance, American Service Insurance and Gateway Insurance, offers commercial automobile insurance in the US.
Image: Global Liberty primarily insures limousine, black car, and luxury car vehicles. Photo: courtesy of Naypong/ FreeDigitalPhotos.net.