Palisades Safety and Insurance Association, through one of its subsidiaries, has entered into an agreement to acquire National Atlantic Holdings Corporation, including its subsidiary The Proformance Insurance Company.
Palisades said that the merger will provide the company and its independent agents the opportunity to expand product offerings beyond private passenger auto. The merger is subject to receiving regulatory and National Atlantic shareholder approvals.
Hal Belodoff, founder and co-chairman of the Palisades Group, said: This is a great opportunity for Palisades, its agents and policyholders. This transaction will strengthen Palisades’ position as a leading provider of auto insurance in New Jersey.