Personable Insurance Acquires Peachtree Casualty Insurance Company and First Insurance Network, Inc.
SAN DIEGO - Personable Holdings, Inc. (Personable) announced that it has acquired 100% of the stock of Smyrna, Georgia-based Network Holding, Inc. (Network). Network is the parent company of First Insurance Network, Inc., a managing general insurance agency, and Peachtree Casualty Insurance Company, a Florida-domiciled P&C insurance company licensed to write private passenger automobile insurance in 38 states. The transaction has been approved by the Florida Office of Insurance Regulation. The acquisition expands Personable's geographic footprint into two key new states, Florida and Georgia; brings almost 18,000 policyholders to the Company; and adds 400 new independent agent partners.
"We are well positioned to execute our long-term growth strategy following this acquisition. Personable now has a strategic presence in four of the five largest states for non-standard auto insurance in the U.S., over 45,000 customers and 3,000 quality retail partnerships," says Kieran Sweeney, Personable's Chairman. "The Florida market for non-standard auto insurance is in a state of relative distress," states Andrew Swindall, President & CEO of Personable. "We offer more product choices to our independent agents along with advanced service solutions that make it easier for their customers to manage and maintain their auto insurance coverage," he continues.
Personable is a specialist non-standard auto insurance provider that was formed in August 2011 in a partnership between Excellere Partners, a Denver-based private equity firm, and Align Financial Group, LLC. The Company is building a new industry leader by efficiently delivering a broader selection of non-standard auto insurance products to the independent agent than its competitors. Personable underwrites $50 million of annualized personal auto insurance premiums in California, Texas, Georgia, and Florida, and plans to continue growing organically and through additional strategic acquisitions. The Company has offices in San Diego and Irvine, California, and in Atlanta, Georgia.