LAYFAYETTE HILL, PA (April 5, 2018) – Capitol Insurance Company (“Capitol”), a Pennsylvania domiciled insurance company which since 1968 has focused on providing personal motor vehicle insurance at the Commonwealth’s mandated minimum policy limits, has been acquired by Glacier Capital Holdings, LLC (“Glacier”). Glacier, a joint venture between Susquehanna Capital Corp., a wholly owned subsidiary of Tuscarora Wayne Mutual Group Inc., and Insurance Capital Group, LLC, the leading provider of strategic capital to the mutual insurance industry, acquired Capitol from its former owner for nominal consideration and invested additional capital into the business to achieve appropriate statutory surplus to support Capitol’s existing capital requirements and to fund growth initiatives.
Due to deteriorating conditions in the auto insurance market between 2015 and 2017, Capitol faced severe capital needs. Capitol wrote approximately $21 million in premiums and serves roughly 13,000 policyholders. Glacier brings additional strategic, pricing and operational expertise, as well as distribution capabilities to support Capitol’s growth.
Griffin Financial Group, LLC served as exclusive financial advisor to Susquehanna Capital Corp. and Insurance Capital Group, LLC in connection with the formation of Glacier and the acquisition of Capitol.
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About Capitol Insurance Company
Capitol Insurance Company is a Pennsylvania domiciled insurance company which since 1968 has focused on providing personal motor vehicle insurance at the Commonwealth’s mandated minimum policy limits. Capitol wrote approximately $21 million in premiums and serves roughly 13,000 policyholders. Information about Capitol can be found at www.capitolinsurance.com
About Tuscarora Wayne Group and Susquehanna Capital Corp. Tuscarora Wayne Mutual Group Inc. is a mutual corporation pursuant to the provision of Chapter 21 of the Pennsylvania Business Corporation Law. Tuscarora Wayne Mutual Group Inc., through its companies, has roots planted in the agricultural sector of the insurance industry that date back to 1856. Each of its companies offers unique commercial insurance products that capture the founders’ original mission of serving the underserved.
Tuscarora Wayne Mutual Group, Inc. is the ultimate parent and directly holds 99.811% of the issued and outstanding capital stock of Susquehanna Capital Corp, Inc., an intermediate stock holding company organized under the laws of the Commonwealth of Pennsylvania, which wholly owns Tuscarora Wayne Insurance Company, which was incorporated in 1874 as a mutual property and casualty insurance company, and Lebanon Valley Insurance Company, which was incorporated in 1856 as a mutual property and casualty insurance company. Tuscarora Wayne Insurance Company owns 90.1% of Keystone National Insurance Company, which was incorporated in 2003 as a stock property and casualty insurance company, which is also owned 9.9% by Keystone Insurers Group, Inc. For more information about us, visit www.twmic.com.
About Insurance Capital Group Insurance Capital Group is a holding company which acquires and makes investments in insurance businesses across targeted sectors with a focus on sponsored demutualizations and other complex conversion transactions. Our objective is to create long term shareholder value as measured by growth in tangible book value through the ownership and oversight of our partner companies. For more information about us, visit www.insurancecap.com.
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