Griffin Advises Glacier Capital Holdings, LLC, in its Acquisition of Capitol Insurance
Capitol Insurance Company (“Capitol”), headquartered in Lafayette Hill, PA, was a Pennsylvania domiciled insurance company that since 1968 focused exclusively on offering personal motor vehicle insurance at the Commonwealth’s mandated minimum policy limits ($15,000/$5,000/$5,000).
Capitol wrote approximately $21 million in premiums, had an asset base of $12 million and served roughly 13,000 policy holders.
Due to deteriorating conditions in the auto insurance market between 2015 and 2017, Capitol faced severe capital needs.
Susquehanna Capital Corp., a wholly owned subsidiary of Tuscarora Wayne Mutual Group Inc., and Insurance Capital Group, LLC, formed Glacier Capital Holdings, LLC (“Glacier”), which purchased Capitol from its holding company for nominal consideration and invested additional capital to achieve appropriate statutory surplus and support growth initiatives. Susquehanna Capitol Corp. is the majority owner of Glacier.
Glacier brings additional pricing and operations expertise, as well as distribution capabilities, to support Capitol’s growth.
Griffin Financial Group, LLC served as exclusive financial advisor to Susquehanna Capital Corp. and Insurance Capital Group, LLC in connection with the formation of Glacier and the acquisition of Capitol.
For more information on this transaction, contact Jeffrey P. Waldron, Co-Head, Financial Institutions – Insurance, at 610.205.6028.