Philadelphia Insurance Companies (PHLY) announced the acquisition of Ignyte Insurance’s Collector Vehicle Division in a deal valued at $615 million. The deal brings four leading brands—American Collectors Insurance, J.C. Taylor Insurance, Condon Skelly, and Heacock Classic—under the PHLY umbrella.

The newly acquired business, headquartered in Mt. Laurel, New Jersey, will add more than 250 employees and a nationwide customer base of hundreds of thousands of policyholders.

These established brands have deep roots in the collector vehicle market, covering a broad range of specialty vehicles, including antiques, exotics, motorcycles, hot rods, and classic trucks. The acquisition strengthens PHLY’s leadership in the specialty and collector vehicle insurance industry while expanding its footprint in a growing niche segment.

The deal also enhances PHLY’s existing relationships in the collector car market, complementing its long-standing partnership with the James A. Grundy Agency of Horsham, Pennsylvania. Both entities share strong local ties to the greater Philadelphia area, reinforcing the region’s prominence as a hub for collector vehicle insurance expertise.

Ignyte Insurance, a Carlyle-backed specialty insurance platform, has experienced rapid growth under the leadership of CEO Geof McKernan, President Bill McKernan, and COO Marc Castellucci. The company emerged from the leadership team that previously built NSM Insurance Group into a multibillion-dollar specialty insurance business. With this divestiture, Ignyte aims to focus on expanding its direct-to-consumer and embedded insurance offerings globally.

Support: Legal advisors for the transaction included Troutman Pepper Locke and Sullivan & Cromwell for PHLY, while Wachtell, Lipton, Rosen & Katz and Polsinelli advised Carlyle and Ignyte Insurance, with Foley & Lardner assisting on compliance and regulatory matters.

KEY QUOTES:

“We have tremendous respect for what these collector vehicle brands have built and the trust they’ve earned amongst collectors. As part of PHLY, they will continue that legacy with the full strength of a leading carrier behind them, combining authenticity and expertise with innovation, superior claims support, and sustainable capacity for the long term.”

John Glomb, President & CEO, Philadelphia Insurance Companies

“This is an exciting next chapter for these beloved brands. Our team, originating from NSM Insurance Group, spent years scaling these collector car programs into market leaders. PHLY is a longtime specialty powerhouse with the resources, relationships, and stability to support continued growth and investment. We are thrilled to see this business positioned for enduring success with a carrier that truly understands specialty insurance.”Geof McKernan, CEO, Ignyte Insurance

“We are proud to have partnered with Geof McKernan and the Ignyte team to build a leading specialty insurance distribution platform. The sale of the collector car business marks an important milestone for Ignyte and is a testament to the team’s vision and ability to create long-term value within the MGA ecosystem across various complex lines of business. We look forward to continuing to work with the Ignyte team to grow the company’s remaining direct to consumer brands.”

Jim Burr, Co-Head of Global Financial Services, Carlyle, and Jitij Dwivedi, Partner, Carlyle