Philadelphia Insurance Companies (PHLY) acquires Ignyte Insurance’s Collector Vehicle business for $615m, adding American Collectors Insurance, J.C. Taylor Insurance, Condon Skelly, and Heacock Classic to its portfolio. The acquired business, headquartered in Mt. Laurel, NJ, specializes in insuring a variety of specialty vehicles. This move enhances PHLY’s specialty segment and adds over 250 employees with expertise in the collector vehicle market. The acquisition complements PHLY’s existing partnership with the James A. Grundy Agency, offering collector vehicle coverage. Ignyte Insurance CEO Geof McKernan sees this as an exciting chapter for the brands, praising PHLY’s resources, relationships, and stability. Carlyle, a backer of Ignyte, views the sale of the collector car business as a milestone and looks forward to growing the remaining direct-to-consumer brands. Ignyte Insurance is refocusing on expanding consumer and embedded insurance offerings globally.

Read more at Yahoo Finance: Philadelphia Insurance acquires Ignyte Insurance’s Collector Vehicle business for $615m