Chicago, IL, December 5, 2023 – HDI Global Insurance Company (HDI) has strengthened its position in the U.S. market with the acquisition of Indiana Lumbermens Insurance Company (ILIC), a subsidiary of Pennsylvania Lumbermens Mutual Insurance Company (PLM). HDI has purchased one hundred percent (100%) of the shares of ILIC from PLM. The trans-action closed on November 30, 2023. The parties have not dis-closed the purchase price.
The acquisition of ILIC, which is widely licensed and holds a Treasury listing (T-listing), is a strategic move for HDI to broaden and strengthen its business products offering in the U.S. with the initial focus on surety. The acquisition will expand HDI’s U.S. footprint to two admitted carriers and one non-admitted carrier.
Speaking about the deal, Ralph Beutter, member of the Management Board of HDI Global SE and CEO of HDI Global Specialty SE, commented: “The acquisition fits perfectly into our strategy. The licenses will allow us to organically expand our specialty lines product portfolio in the world’s largest specialty insurance market.” Jim Clark, CEO of HDI Global Insurance Company, added: “Acquiring the licenses and T-listing from ILIC enables a quicker time to market than expanding our existing authorities. With this acquisition we are in the position to enter the surety market in the U.S. and seize further opportunities for profitable growth.”
John K. Smith, President & CEO of Pennsylvania Lumbermens Mutual Insurance Company added: “The sale of Indiana Lumbermens Insurance Company (ILIC) allows us to strengthen our operating position and continue to focus on service offerings to the lumber businesses across the country as the oldest and largest carrier in the niche.”
About HDI
As an industrial lines insurer, HDI Global SE (HDI) meets the needs of SMEs, industrial companies and corporate customers with insurance solutions that are specifically tailored to their requirements. In addition to HDI’s prominent position in the German and broader European market, the company has access to its own worldwide Global Network, covering more than 175 countries through its own foreign branch offices, subsidiaries, affiliated companies, and network partners. Pioneering value-driven insurance solutions globally, HDI leads roughly 5,000 International Programs and offers its multinational customers compliant coverage worldwide.
In the United States, HDI operates through its subsidiaries, HDI Global Insurance Company, a commercial property and casualty insurer headquartered in Chicago, Illinois and licensed in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands; and HDI Specialty Insurance Company, an Illinois domestic surplus lines insurer also authorized to write business nationwide.
HDI is a company in the Industrial Lines Division of the Talanx Group and has been a leading insurer for several decades. Approximately 4.500 employees in this division gen-erated insurance revenue (gross) of approx. EUR 8.2 billion in the year 2022 (according to IFRS 17).
The rating agency Standard & Poor’s has given the Talanx Primary Group a financial strength rating of A+/stable (strong). Talanx AG is listed on the Frankfurt Stock Exchange in the MDAX.
About Pennsylvania Lumbermens Mutual
Pennsylvania Lumbermens Mutual Insurance Company (PLM) (www.plmins.com) is a nationally recognized property and casualty insurance carrier serving the lumber, wood-working, and building material industries. Backed by 128 years of experience, the Phila-delphia, Pennsylvania-based company protects over 5,500 businesses nationwide with property, general liability, inland marine, business automobile, and commercial excess liability coverages. PLM has an A.M. Best rating of A- (Excellent) with a Stable Outlook.
Contact Details for HDI Global Insurance Company, USA:
HDI Global Insurance Company
161 North Clark Street – 48th Floor Chicago, IL 60601 USA
Phone +1 312 580-1900
www.hdi.global
