Core Speciality, Property and Casualty (P&C) Insurer, and Lancer Insurance group have revealed plans to merge their companies in a stock and cash deal.
The operation, which is structured as a merger, will see Lancer work as a separately managed division of Core Speciality, keeping the Lancer brand and management team.
Dave Delaney, CEO of Lancer will join the Core specialty board and Lancer shareholders will obtain a combination of Core Speciality common shares, preferred cash, and shares.
The joint unit will continue to be led by Jedd Consolino as CEO and President and by Ed Noonan as Executive Chairman and will have over $1 billion in equity capital and approximately 550 total employees.
Temporarily, President and Chief Operating Officer of Lancer, Matthew Jenkins, will work as President of Core Speciality’s Lancer Division after the concluding.
The union was unanimously approved by the Boards of Directors of both companies and is expected to be finished during the third quarter of 2021.
Consolino said, “Vision of Core Speciality is to become the leading specialty insurer and the Lancer merger continues our progress in our goal. Lancer is a leading company in the specialty transportation market with a long track record and a team we know and respect. Lancer will function as Core Speciality’s ninth specialty P&C business division.”
Delaney remarked, “Everyone at Lancer is excited to join forces with Core Speciality. Their team is exceptional, and our friendship goes back a very long way.”
