Property and casualty insurer United America Indemnity has completed its merger with Penn-America Group having satisfied all closing conditions. United America has also completed its acquisition of Penn Independent Corporation for approximately $97 million in cash.
As a result of the transactions, United America Indemnity will be one of the leading specialty property and casualty insurers in the US industry as well as a significant originator of and placement agent for specialty property and casualty insurance coverage.
Under United America Indemnity’s ownership, each company will retain its existing corporate identity and the businesses of United America Indemnity, Penn-America and Penn Independent will continue to be operated by the existing management teams.
David Bradley, CEO of United America Indemnity said, We are excited to be joining forces with Penn-America, a surplus lines company with a track record of success at growing book value during its years as a public company, and Penn Independent, a group of excellent surplus lines agencies.