WILKES-BARRE, Pa., April 2, 2019 /PRNewswire/ -- Today, Group1001 has received formal regulatory approval to complete the acquisition of Lackawanna Casualty Company and its wholly-owned subsidiaries, Lackawanna American Insurance Company and Lackawanna National Insurance Company, together known as "Lackawanna Insurance Group." Group1001 previously announced its plans to acquire Lackawanna in November of 2018. This acquisition will enable Group1001 to expand its Clear Spring Insurance brand of insurance companies by incorporating Lackawanna and leveraging all its employees and best-in-class technology.
"Integrating the Lackawanna Insurance Group provides us with a strong technology platform and a talented team – both of which are integral parts of growing our business. We have a nationwide expansion plan for our augmented product offering, which will provide Group 1001's Property & Casualty companies with additional flexible underwriting and pricing options," said Michael Camilleri, Chief Executive Officer of Clear Spring Property and Casualty Company.
Lackawanna Insurance Group will continue to operate out of its current Wilkes-Barre, Pennsylvania offices. All employees will remain in their current roles.
Group1001 Chief Executive Officer Dan Towriss noted that finalizing the Lackawanna acquisition allows the Clear Spring Property & Casualty Insurance business to continue to execute their growth plans.
"Completing this transaction provides the Group1001 team an opportunity to continue activating its expansion and growth strategy. We will pursue opportunities to bring new products and services to a wider range of people and continue with our commitment to deploy capital at attractive return levels. This transaction will further diversify our risk portfolio and revenue sources," said Mr. Towriss.
About Clear Spring Insurance
With offices based out of Boca Raton, Florida, Clear Spring Property and Casualty Company is an insurance company in the Group1001 family of companies that is focused on workers' compensation and property & casualty.
About Group 1001
Group One Thousand One, LLC ("Group1001") is an insurance holding company in the United States, with current combined assets under management of approximately $36 billion as of September 30, 2018, and a mission to make insurance and retirement products more useful, intuitive, and accessible so everyone can get the most value from their money.
For more information about Group1001, please visit Group1001.com.