HDI Global Insurance Company has announced that it has acquired Indiana Lumbermens Insurance Company (ILIC), a subsidiary of Pennsylvania Lumbermens Mutual Insurance Company (PLM).
The transaction, which saw HDI purchase 100% of the shares of ILIC from PLM, strengthens HDI’s presence in the US market. The transaction closed Nov. 30, and terms of the deal were not disclosed.
ILIC is widely licensed and holds a Treasury listing, or T-listing, HDI said in a news release. The acquisition will allow the global insurance company to strengthen its business products offering in the US, with an initial focus on surety. It will also expand HDI Group’s US footprint to two admitted carriers and one non-admitted carrier, the company said.
“The acquisition fits perfectly into our strategy,” said Ralph Beutter, member of the management board of HDI Global SE and CEO of HDI Global Specialty SE. “The licenses will allow us to organically expand our specialty lines product portfolio in the world’s largest specialty lines market.”
“Acquiring the licenses and T-listing from ILIC enables a quicker time to market than expanding our existing authorities,” said Jim Clark, CEO of HDI Global Insurance Company. “With this acquisition, we are in the position to enter the surety market in the US and seize further opportunities for profitable growth.”
“The sale of Indiana Lumbermens Insurance Company (ILIC) allows us to strengthen our operating position and continue to focus on service offerings to the lumber businesses across the country as the oldest and largest carrier in the niche,” said John K. Smith, president and CEO of PLM.
Earlier this year, HDI Global announced that Dr. Christian Hermelingmeier – the chief financial officer at HDI Global SE since September 2020 and the managing director at HDI Global Specialty SE since January 2023 – would also be in charge of leading the finance department at HDI Global Specialty SE.
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