Atlas Financial acquires Global Liberty
Commercial auto insurer Atlas Financial is to acquire commercial insurer Global Liberty Insurance Company of New York for $25 million.
Founded in 2003, Global Liberty’s principal business is in the light commercial auto sector, principally insuring limousine, black car, and luxury car vehicles.
Atlas said the transaction is expected to significantly accelerate its commercial automobile presence in select sub- segments of the large New York livery market and will add valuable infrastructure on the East Coast to support Atlas’ continuing growth.
Atlas will continue to manage Global Liberty’s public auto insurance business and intends to continue to distribute products under the current brand name.
Scott Wollney, president and chief executive officer (CEO) of Atlas, said: "This is a very important acquisition for Atlas, as Global Liberty’s current premium base is highly complementary to our existing infrastructure. As with our other subsidiaries, Global Liberty has a strong heritage in the public auto market with a committed and experienced management team.
“This transaction is expected to greatly accelerate our ability to grow to proportionate share in the largest light commercial vehicle market in the country. Based on the size and nature of the New York market, we plan to maintain Global Liberty’s local infrastructure on Long Island and have the location serve as an East Coast regional office for Atlas.”
Hossni Elhelbawi, CEO and owner of Global Liberty, added: “We are delighted to join with Atlas to expand and continue to deliver the quality of service and products to our insurance policyholders and agents.”
