Philadelphia Insurance Companies has made its biggest move yet by buying the Collector Vehicle Division from Ignyte Insurance, a company backed by the investment firm Carlyle. The deal is worth $615 million and marks the largest acquisition in Philadelphia Insurance’s 63-year history.
This purchase brings several well-known collector vehicle brands under Philadelphia Insurance’s umbrella, including American Collectors Insurance, J.C. Taylor Insurance, Condon Skelly, and Heacock Classic. These brands cover a wide variety of vehicles, from antiques and hot rods to exotic cars, motorcycles, and classic trucks. Together, they serve hundreds of thousands of customers across the U.S. and add over 250 specialists to Philadelphia Insurance’s team.
John Glomb, the company’s CEO, said they admire the trust these brands have built among collectors. He emphasized that Philadelphia Insurance plans to support them with strong resources, combining their expertise with innovative solutions and reliable claims service for the long haul.
On the other side, Geof McKernan, CEO of Ignyte Insurance, expressed excitement about this new chapter for the collector car businesses. His team originally started these programs at NSM Insurance Group and worked hard to grow them into market leaders.
Carlyle’s leaders praised the Ignyte team for growing the collector car business and said the sale is a key step as Ignyte focuses on expanding other insurance brands aimed directly at consumers.
Ignyte is known for building specialty insurance brands in fast-growing niche markets. The group’s leaders, including McKernan, have a history of growing companies like NSM Insurance into major players with billions in premiums.
Philadelphia Insurance itself is a big name in specialty coverage, with $4.7 billion in annual premiums and about 2,000 employees. Its main office is in Bala Cynwyd, Pennsylvania, where 700 staff members are based.
This deal strengthens Philadelphia Insurance’s position in the collector and specialty vehicle market, bringing together trusted brands and experienced people to better serve vehicle enthusiasts across the country.