Insurance holding company Group1001 has finalized its procurement of Lackawanna Insurance Group after getting approval from authorities, according to Compelo Insurance. Composed of Lackawanna Insurance Company and Lackawanna National Insurance Company, Lackawanna Insurance Group has been undergoing the process of being acquired by Group1001.
Back in November 2018, Group1001 expressed its intention to obtain Lackawanna and its subsidiaries. This move was done in the hopes of increasing its brand of financial product, Clear Spring Insurance. Lackawanna’s goal in this planned expansion is to provide advanced tech and workforce in addition to Group1001’s existing pool.
Group1001 asserts that its services are focused on clients. According to its website, it seeks to empower customers by providing products that allow them to effectively manage their finances. It also aims to make business transactions easier and to make opportunities more accessible.
Clear Spring Property and Casualty Company CEO Michael Camilleri says that this move will strengthen technological solutions and talents utilized by the group. It is also expected to aid in the group’s plans to expand its reach, as well as to provide augmented product offerings. The company also hopes to offer flexibility to clients through versatile underwriting and pricing choices.
Dan Towriss, CEO of Group1001 agrees with Camilleri, saying that this procurement will help make new and improved products available to more potential customers. Additionally, the finalization of the procurement will aid in diversifying their risk portfolio and improving revenue scores, via the successful implementation of the group’s expansion strategy.
Meanwhile, Compelo Insurance emphasized that the acquisition of Lackawanna by Group1001 will not displace the base of operations and workplaces of Lackawanna employees. Its headquarters will remain in Wilkes-Barre, Pennsylvania. Moreover, its pool of talents will continue working in their respective positions prior to being acquired by Group1001.