According to a statement released last week, a nationwide insurance holding corporation plans to purchase a local insurance company in Wilkes-Barre in order to enhance one of its current brands.
The deal, which is expected to close by the end of March, will result in Group1001 acquiring 100 percent of Lackawanna Insurance Group, also known as Lackawanna National Insurance Company and Lackawanna American Insurance Company, as well as Lackawanna Casualty Company.
According to the statement, Lackawanna is currently the seventh largest supplier of workers’ compensation insurance in Pennsylvania, situated at 46 Public Square.
The details of the ongoing transaction were not revealed.
Group Insurance Lackawanna will continue to operate outside of its current offices, and all of its employees will remain in their current roles.
Group1001 intends to broaden its insurance business, Clear Spring Insurance, by acquiring Lackawanna.
Clear Spring CEO Michael Camilleri stated, “We aim to integrate their experience with technology and we are committed to maintaining 100 percent of the Lackawanna staff.”
As stated on its website, Group1001 is based in Indianapolis, Indiana, and has branches in Chicago, New York, and Waltham, Massachusetts. Clear Spring’s headquarters are located in Boca Raton, Florida.
Lackawanna has experienced significant expansion over the last twenty years, boasting assets exceeding $300 million and a statutory surplus of $100 million as of September 30th.
Lackawanna Group Insurance has experienced significant growth, with approximately $120 million in premiums written by the company, according to Kenneth Weaver, President and CEO of Lackawanna.
Weaver added, “All of our employees, who are thrilled, will apply our sound business principles and excellent service to support our continued growth and nationwide expansion plan. Our ability to manage our business in a prudent manner and build key relationships with network brokers is a testament to the talent of our employees and the growth we are experiencing.”
In 2011, Weaver was appointed as CEO after working as CFO and COO. He became a part of the organization in 1997 after having a successful career in the financial services industry, where he was a certified public accountant and a graduate of King’s College.
Michelene Pagnotti, the board chair of both Pagnotti Enterprises, Inc. And Lackawanna Insurance Group, Inc., Has commended Weaver’s endeavors. Lackawanna Insurance Group has been a subsidiary of Pagnotti Enterprises.
“We are proud to say that Lackawanna has been owned and operated by us for more than 75 years, and because of Kenneth Weaver’s exceptional leadership and the exemplary and dedicated work of Lackawanna staff and managers, our company is rightly regarded as a premier workers’ compensation insurance company, deserving excellence for its reputation.”
We are grateful for all the years and months that have passed and proud of our people and our history, Pagnotti said.
Group1001 CEO Dan Towriss said the Lackawanna “represents a reaffirmation of Group1001’s expansion and growth strategy” and will further diversify its portfolio.
His firm currently manages assets worth around $37 billion.
The Company, Casualty Lackawanna, whose offices are located in this building, is slated to be acquired by Group1001, an insurance holding company, in a deal expected to close by the end of March.
A national company is preparing to purchase Lackawanna Insurance Group, which is based in WB.
Before proceeding, we extend an invitation for you to join us as a Times Leader Advocate. By becoming a member, you will enjoy numerous advantages such as access to our E-Edition, a faster and less cluttered advertising experience on timesleader.Com, as well as exclusive local discounts and deals with our Diamond Card.
Click now to show your support or obtain further information.