Lancer Insurance Company (“Lancer”) and Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”), both specialty property and casualty (“P&C”) insurers, announced today the signing of a definitive agreement to combine the companies in a stock and cash transaction.
Lancer will bring to Core Specialty over 35 years of specialty commercial auto expertise that will extend the capabilities of Core Specialty’s existing diversified range of specialty P&C insurance products. The combination joins two highly complementary businesses with a shared strategic vision to become the leading specialty P&C insurer. The post-merger Core Specialty platform will be a further diversified company with an attractive business profile, a clean balance sheet and over $1 billion in equity capital.
The merger with Lancer marks Core Specialty’s first merger or acquisition since the recapitalization of StarStone U.S. in November 2020. The combined Lancer and Core Specialty platform will have approximately 550 total employees. Lancer, which has been a leading provider of premier specialty insurance solutions to businesses and commercial transportation companies across the U.S. for over 35 years, will retain its brand, management team and operating locations. Lancer will operate as Core Specialty’s ninth specialty P&C business unit.
Jeff Consolino will lead the combined company as President and CEO and Ed Noonan will serve as Executive Chairman. Dave Delaney, Lancer’s CEO, will join the Board of Core Specialty at closing and will work closely with Mr. Consolino and senior members of the Lancer and Core Specialty teams in the integration of the businesses. Dave will join existing Core Specialty Board members including Dominic Addesso, Robert Campbell (Enstar), Steve DeCarlo (AmWINS), Matt Ebbel (SkyKnight Capital), Donald Larson, Paul O’Shea (Enstar), Marc Stad (Dragoneer), and Chris Watson (Aquiline). Matt Jenkins, Lancer President and COO, will continue in his role of leading Lancer operations.
This successful transaction further demonstrates WHA’s expertise in advising leading insurance companies through transformative strategic initiatives.