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Core Specialty Closes Merger with Lancer Insurance Company.

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MANews-(C)2009-2022

US-based Core Specialty Insurance Holdings, Inc. and its subsidiaries and Lancer Insurance Company, both specialty property and casualty insurers, have closed a merger combining the companies in a stock and cash transaction, the companies said.

The deal was announced on April 16, 2021.

Lancer brings Core Specialty over 35 years of specialty commercial auto expertise that extends the capabilities of Core Specialty's existing diversified range of specialty P and C insurance products.

This combination joins two highly complementary businesses with a shared strategic vision to become the leading specialty P and C insurer.

The companies previously partnered in January 2021 to launch a new excess transportation program.

The post-merger Core Specialty will be a further diversified company with an attractive business profile, a clean balance sheet and over USD 1.1bn in equity capital.

This merger with Lancer marks Core Specialty's first merger or acquisition since the recapitalization of StarStone US in November 2020.

The combined Lancer and Core Specialty have approximately 600 total employees.

Lancer, which has been a provider of specialty insurance solutions to businesses and commercial transportation companies across the US for over 35 years, will retain its brand, management team and operating locations.

Core Specialty operates through a business unit philosophy that allows its Divisions local decision-making for underwriting, claims, and policy servicing with a high...

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